Verizon buys Alltel for $28bn

Fri. October 10, 2008; Posted: 05:04 AM

Oct 10, 2008 (Datamonitor via COMTEX) -- VZ | Quote | Chart | News | PowerRating -- US-based telecoms services provider Verizon Wireless has agreed to acquire its rival Alltel for $28.1bn in a move that will create the largest cellular phone services provider in the US.

Verizon will acquire Alltel equity for $5.9bn and assume $22.2bn in debt. The transaction is expected to be completed by the end of the year.

If the deal goes through, Verizon will become the largest cellular services provider in the US with 80 million subscribers. AT&T with 71.4 million customers is currently the largest mobile service provider in the US followed by Sprint Nextel and Deutsche Telekom's T-Mobile.

Lowell McAdam, the president and chief executive at Verizon Wireless, said: "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."

Verizon Wireless spent $9bn for new spectrum in the FCC's recent 700 MHz spectrum auction. It has also started to offer the BlackBerry Storm touch screen phone from Canadian Smartphone maker Research In Motion to counter iPhone's exclusive availability from rival AT&T.

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For full details on Verizon Communications (VZ) click here. Verizon Communications (VZ) has Short Term PowerRatings of 5. Details on Verizon Communications (VZ) Short Term PowerRatings is available at This Link.

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