Verizon Pays $28.1 Billion Dollars To Acquire Alltel

Thursday, June 5th 2008 -- Verizon Wireless has announced plans today to increase their customer base. The company will acquire Alltel Wireless for a reported $28.1 Billion Dollars, and should close the deal by the end of 2008 with proper regulatory approval.

Verizon Wireless currently runs the nations largest CDMA wireless network, but has trailed AT&T Wireless the nations largest GSM carrier in number of subscribed customers, with the acquistion of Alltel's 13 million customers Verizon will surpass AT&T Wireless as the nation's largest cell phone provider. Currently AT&T Serves 71 million customers.

The purchase will hand Alltel over to Verizon Wireless through the private equities firm that holds Alltel and will bring some much needed benefits to Verizon and Alltel customers. Alltel and Verizon customers will both enjoy more areas in which roaming fees do not apply, while Verizon Wireless customers will actually gain access in many rural areas in which they did not receive service in the past, including 57 markets in which Alltel operates.

The merger is expected by the end of 2008 with Verizon Wireless taking over any debt owed by Alltel Wireless.

The aquisition will give Verizon Wireless 13 million new customers in 57 markets, but the company will aquire all of Alltel’s debt.

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