Verizon Acquiring Alltel for $28.1 Billion
Written by AndroidGuys • Jun 5th, 2008 • Category: Carrier News, Leaks, Rumors, and Hacks, Recent News
Verizon Wireless has entered into an agreement with Alltel Corporation and Atlantis Holdings LLC, an affiliate of private investment firm TPG Capital and GS Capital Partners, to acquire Alltel Corporation in a cash merger. - PRESS RELEASE
It looks like we’ll have a new number one carrier in terms of subscriber count. In a deal that’s to be finalized by year end, Verizon is swallowing Alltel for approximately $5.9 billion. Toss in Alltel’s projected net debt of $22.2 billion, and you have a transaction worth $28.1 billion.
This one came out of nowhere, going from rumor to deal in under a day. We weren’t even going to report on it as a leak or gossip yesterday as it wasn’t too relevant to our topic selection. However, with it being official, it becomes ‘related’ news for us.
What do you guys think of the deal? Good for the industry or one step closer to retaining control over consumers? Does this pressure T-Mobile or Sprint in any way? Hit us up in the comments.
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This is one of those deals that have you asking “Why did it take so long for Verizon to pull the lever?” Alltel has been on the rumored “buy out” block for years, and because they share so much of the Verizon network already I’m surprised it took this long to happen. Aside from Alltel’s debt that Verzion is taking on this looks like a win win for both sides. The public wins in this one too, because annoying commercials are all but over!
Annoying adverts are over but Verizon is now #1 which means more power to them and probably less more for customers. What i need to know is how much subscribers Sprint and T-Mobile got in the hatchet?