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Verizon Wireless Snaps Up Alltel

Deal would make Verizon the largest wireless carrier

June 5, 2008

Verizon • Local Service • Wireless Service • "Enhanced" Services • Long Distance • DSL Service • Verizon Fios --- News • Verizon Pays $21 Million to Settle Termination Fee Lawsuit • Verizon Snaps Up Alltel • Verizon Rolls Out Unlimited Calling • Verizon Wireless Changes Contract Policy • Verizon Cuts Off Northern New England • Verizon Joins BellSouth in Retreat From Unexplained New DSL Fee • Verizon Tacks On New DSL Fees • Verizon Limits Its "Unlimited" Wireless Broadband Service • Verizon Wireless Cuts Early Termination Fee • Michigan Charges Verizon's Rates Are Excessive • Verizon Completes MCI Purchase

Alltel's 13.2 million cell phone subscribers are about to become Verizon Wireless customers. Verizon Wireless has agreed to buy its competitor for more than $28 billion, creating the U.S.' largest mobile phone company.

The new combined company will have more than 80 million customers, placing it slightly ahead of AT&T, currently the nation's largest cell phone provider.

Alltel currently operates its own network in 34 states, focusing mostly on serving small to medium sized U.S. cities. Verizon is purchasing Alltel from a unit of Goldman Sachs Group Inc., which acquired it late last year.

The deal still must be approved, not only by shareholders, but also by the Federal Communications Commission and the Justice Department. Analysts say Verizon will most likely have to sell off some of its regional assets in places where both companies currently complete.

Even so, executives at Verizon express confidence the deal can close by the end of 2008. Under the proposed terms, Verizon Wireless would aquire Alltel's assets for $5.9 billion and assume more than $22 billion in debt.

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