Verizon Wireless completes acquisition of Alltel

Verizon Wireless completes acquisition of Alltel

US based telecom giant Verizon Wireless has announced that they have now completed the acquisition of rival company Alltel.

With this, they have become the top wireless carrier in the country when it comes to number of subscribers.

The combined company has more than 83.7 million total customers.

Verizon added that the deal also expands their network availability to nearly the entire United States population.

The deal saw Verizon pay about 5.9 billion dollars for the equity of Alltel. They also assumed 22.2 billion dollars of its debt to complete the deal.

The company said in a statement: “Following the completion of a series of financing transactions later today, Alltel and its subsidiaries will have reduced the debt that is owed to third parties to approximately 2.7 billion dollars, which is expected to decline further to approximately 2.5 billion dollars within the next 30 days.”