TPG Capital and GS Capital Partners to acquire Alltel Corp.

TPG Capital and GS Capital Partners to acquire Alltel Corp.

US based telecom company Alltel Corp. has announced that they are being acquired by TPG Capital and the buyout arm of Goldman Sachs GS Capital Partners.

The deal is worth a massive USD 25 billion and this makes it the latest U.S. Corporate entity to be acquired by private equity buyers.

The announcement of the deal helped Alltel shares gain at the stock market. It touched a high of $65.35 on Friday. The share price has been rising throughout the year as market had expected a deal to happen.

Alltel added that if they include the assumption of debt, the deal is worth around $27.5 billion.

Alltel Chief Executive Scott Ford has said it in the past that they were looking for a possible sale especially after they spun off its fixed-line division last year.