Alltel to be acquired by Verizon Wireless

Alltel has confirmed that they are being acquired by telecom giant Verizon Wireless.

The deal is worth USD 5.9 dollars in addition to the debts. The debts alone are going to cost Verizon close to around $22.2 billion.

So the net value of the acquisition comes to around $28.1 billion.

Verizon added that they expect the deal to be complete by the end of the current year.

Alltel specializes in serving the rural regions and has around 13 million mobile phone customers in 34 states. These include some major markets which are not served by Verizon at the moment.

Lowell McAdam, Verizon Wireless’ president and CEO spoke about this deal: “This move will create an enhanced platform of network coverage, spectrum and customer care to better serve the growing needs of both Alltel and Verizon Wireless customers for reliable basic and advanced broadband wireless services.”

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