Verizon Wireless buys Alltel for $28.1 billion

By Aaron Baker • June 5, 2008

Announced earlier, Verizon Wireless has formally agreed to buy Alltel for $28.1 billion. When the purchase is complete, the company will have 80 million subscribers, making it the largest in the United States. In the press release, Verizon states that the 13 million customers in the 34 states that Alltel serves are primarily in rural markets.

Verizon says that it expects to realize synergistic value of nearly $9 billion after the buyout is completed, and added that Scott Ford will remain as Alltel’s President and CEO until that time. The deal is subject to regulatory approval, and is expected to be completed by the end of 2008.

[via MobileBurn]

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