Verizon in talks to acquire Alltel

5 Jun 2008

The Wall Street Journal has reported Verizon Communications is working on a deal to acquire regional carrier, Alltel Corporation operates in 35 states in the middle of the US. The deal which could be valued at around USD27 billion would see the number two and number five mobile operators combine to create the largest wireless carrier in the US. Verizon currently has more than 65.7 million customers, while Alltel has about 13.2 million. AT&T, currently the largest US operator, has about 71.4 million customers.

Verizon considered buying the firm last year but felt Alltel’s market value was inflated. Alltel then became a privately held company after it was bought out in November 2007 by TPG Capital LLP and the private equity division of Goldman Sachs Group. That deal was valued at USD27.5 billion at the time it was announced in May 2007.

United States, Alltel Corporation, Verizon Wireless