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  • FCC approves Verizon's Alltel buy, deal all but done

    Filed under: Alltel , Verizon Wireless Following the DOJ's approval last week, the FCC has voted unanimously today to approve Verizon's acquisition of Alltel, promising to create a CDMA network of insane proportions that'll eclipse AT&T to become the US' largest wireless carrier. Like their fellow feds over at the DOJ, the FCC guys attached some conditions to the approval, including a requirement that Verizon continue to honor Alltel's existing roaming agreements for four years -- presumably in an effort to protect and appease rural carriers who've been solidly against the merger all along. This'll almost certainly lead to some job losses in the Alltel camp , but look on the bright side, guys: you just might have a crack at that wild LG VX9600 now. [Via Phone Scoop ] FCC approves Verizon's Alltel buy, deal all but done originally appeared on Engadget Mobile on Tue, 04 Nov 2008 16:57:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

  • Department of Justice approves Verizon's Alltel acquisition, requires more concessions

    Filed under: Alltel , Verizon Wireless The suits at the Department of Justice just green-lighted Verizon's planned acquisition of regional rival Alltel, moving the two CDMA giants closer to a marriage that would easily eclipse AT&T to become the largest wireless carrier in North America. There's a catch, though, and a rather hefty one at that -- Verizon has to agree to divest itself of some 100 local markets in 22 states to keep the competitive landscape in action; given that they've already indicated a willingness to shed some markets to seal the deal, it probably won't be an issue. The next hurdle for Vertel (or Allzon, depending on how you roll) will come on November 4, when the FCC votes on whether it'll bless the deal. As for the rumors that Verizon is now eligible to get Alltel at a 50 percent discount with a $1 billion mail-in rebate if it agrees to a two-year contract, we're not hearing any comment from either side. Department of Justice approves Verizon's Alltel acquisition, requires more concessions originally appeared on Engadget Mobile on Thu, 30 Oct 2008 19:02:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

  • Verizon gets official with $28 billion Alltel acquisition

    Filed under: Alltel , Verizon Wireless It looks like those talks between Verizon and Alltel were pretty deep after all, as the two companies have just come out and made the acquisition official. According to the official announcement, the aggregate value of the transaction is $28.1 billion, and the two companies are aiming to have it completed by the end of the year -- assuming all the necessary regulatory approvals come through. For its part, Verizon is of course boasting that this is a win for customers all around, saying that the merger will create an "enhanced platform of network coverage, spectrum and customer care to better serve the growing needs of both Alltel and Verizon Wireless customers for reliable basic and advanced broadband wireless services." Alltel President and CEO Scott Ford also echoed that sentiment, although his role with the future company seems to be less than defined at the moment, with the official announcement only going so far as to say that he will continue in his current position as head of Alltel "until the merger is completed." [Via ArkansasBusiness.com ] Read | Permalink | Email this | Comments

  • Verizon "in talks" to buy Alltel for $27 billion

    Filed under: Alltel , Verizon Wireless , EV-DO , CDMA Verizon has certainly courted Alltel before , but this time, the two could finally be rounding third base. According to a breaking report at CNBC , Verizon is "in deep in talks to acquire Alltel," which of course is America's fifth largest wireless carrier. It's no secret that Alltel has been riding fairly high of late , and unless your memory is totally shot, you'll likely recall that it was just recently "taken private by TPG and Goldman Sachs Capital Partners in a $27.5 billion deal ." Not surprisingly, officials at both outfits refused to comment on the rumblings, but if this does indeed go down, analysts are expecting Verizon to pay around 8x Alltel's current EBITDA, whereas TPG / Goldman Sachs paid 9.2x. We'll keep you posted on any developments. Read | Permalink | Email this | Comments

  • Alltel is officially off the market: FCC approves $24.7B private equity buyout

    Filed under: Alltel The FCC hath spake: TPG Capital and GS Capital Partners (a subsidiary of Goldman Sachs), the two private equity firms looking to buy out the paradoxically national-regional carrier Alltel, have been given the greenlight. The two firms will pony up $24.7 billion (about $2050 per customers) to take Alltel , flush with cash and new customers , off the public market, with the expectation of closing the deal by November 22nd and paying some $71.50 cash per share to current shareholders. Two words: cha-ching. [Via MoCoNews ] Read | Permalink | Email this | Linking Blogs | Comments
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