Private equity groups move for Alltel

21 May 2007

The US cellular operator Alltel has been bought by private equity groups TPG Capital and Goldman Sachs Capital Partners (GSCP) for a total of USD27.5 billion. The pair will acquire all outstanding common stock of Alltel at USD71.50 per share, representing a 10% premium on the current share price. Completion of the deal is expected by early 2008 and is dependent on approval by Alltel shareholders and regulators. Alltel’s CEO Scott Ford commented: ‘This transaction delivers substantial and certain value to our shareholders while providing the company with long-term partners who share our commitment to our customers, employees and the communities we serve.’

United States, Alltel Corporation