Updated from 2:53 p.m. EDT
Verizon Wireless, the joint venture of Verizon (VZ Quote) and Vodafone (VOD Quote), said it will acquire privately held Alltel in a deal worth $28.1 billion, making it the top U.S. carrier.
Under the terms of the agreement, Verizon Wireless will buy the equity of Alltel, the fifth-largest U.S. wireless carrier with 13 million subscribers, for approximately $5.9 billion. Based on Alltel's projected net debt at closing of $22.2 billion, the total value of the transaction is $28.1 billion. The deal is the biggest telecom merger since SBC and AT&T joined in March 2006.
The deal comes a year after TPG Capital and Goldman Sachs (GS Quote) took Alltel private in a $27.5 billion deal. Verizon had been widely expected to bid for Alltel before the leveraged buyout occurred last May. ...
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