Updated from 4:24 p.m. EDT

CNBC reported Friday afternoon that

AT&T

(T) - Get Report

was close to a deal to buy

Verizon's

(VZ) - Get Report

Alltel divestitures.

According to CNBC and

The Wall Street Journal

, the Alltel assets would be divided into 24 groups, the bulk of which AT&T would buy for $2.5 billion. The divestiture was a requirement for Verizon Wireless, a joint venture with Verizon and

Vodafone

(VOD) - Get Report

, to buy Alltel, which it picked up for $28.1 billion last year, a year after TPG Capital and

Goldman Sachs

(GS) - Get Report

took the firm private. Verizon's purchase of Alltel and its roughly 13 million customers, made it the nation's largest wirless provider.

AT&T shares were down 0.8% to $25.25 in recent trading, and Verizon was down 0.03% to $29.85. Rounding out their primary competitors,

Sprint

(S) - Get Report

shares rose 0.4% to $5.24,

Deutsche Telekom

( DT) rose 1.7% to $11.06 and

Qwest Communications

fell 2.4% to $4.44.