Alltel Gets Buyout

Alltel (AT Quote) agreed to a private-equity buyout worth $71.50 a share, or $24.7 billion.

The Little Rock, Ark., wireless carrier said it will be acquired by TPG and Goldman Sachs. The deal offers a 23% premium to closing prices Dec. 29, before rumors of an acquisition emerged. The deal gives shareholders a 10% premium to Friday's closing price.

"This transaction delivers substantial and certain value to our shareholders while providing the company with long-term partners who share our commitment to our customers, employees and the communities we serve," said Alltel CEO Scott Ford, who will stay on. "TPG and GSCP are long-term investors who are willing to make the investments necessary to continue to grow our wireless business in all of our markets. This transaction also ensures our customers can continue to rely on Alltel to deliver high-quality service and leading-edge products and services."