Alltel shareholders give thumbs up to private equity buyout

30 Aug 2007

Shareholders in Alltel yesterday voted overwhelmingly in favour of a proposed USD24.7 billion buyout by Fort Worth, Texas-based TPG Capital, and New York-based GS Capital Partners, a subsidiary of Goldman Sachs. More than 91% of shareholders voted for the deal, which was first announced in May this year. Alltel, with twelve million customers in 35 US states, agreed to a proposed USD71.50 per share buyout by the two private equity groups. The purchase price is 22.6% higher than the USD58.31 closing share price Alltel reported before news of a possible buyout leaked in December last year. Alltel has been a possible takeover target for several years and in February this year announced it was undergoing a ‘strategic review,’ signalling the fifth largest US wireless player was looking for a buyer. The takeover is subject to regulatory approval by the Federal Communications Commission and should close by the end of the year.

United States, Alltel Corporation