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Verizon Wireless Buys Alltel for $28.1 Billion

posted Jun 5, 2008, 9:14 AM   by Eric M. Zeman
updated Jun 5, 2008, 9:24 AM

Updated: added subscriber figures.

Verizon Wireless has agreed to acquire Alltel from the private equity firms that currently own the nation's fifth-largest national wireless provider. Verizon Wireless will acquire Alltel's assets, including 13 million customers and coverage in 57 markets where it has no presence, as well as Alltel's debt. The merged companies will surpass AT&T's 71 million customers to become the nation's largest provider of wireless goods and services with 80 million customers. The move will greatly expand the regions where Alltel's customers can roam without incurring fees, and also gives Verizon's customers greater freedoms in the rural markets where Verizon previously had no coverage. The merger should be completed by the end of 2008, depending on the required regulatory approvals.