Verizon-Alltel deal still on track

6 Oct 2008

Verizon Wireless says its USD28.1 billion buyout of smaller rival Alltel is still going ahead and is on track to be completed by year-end, despite the uncertain economic climate in the US. Verizon was responding to speculation that the transaction is becoming too high a risk and may be derailed by the worsening financial crisis. If completed, the deal will create the largest cellular operator in the US, with a combined base of more than 82.1 million clients at the end of June, according to TeleGeography’s GlobalComms database.

United States, Alltel Corporation, Verizon Wireless