personal debt

Verizon buys Alltel in $28bn deal.

Kelvin Cardenas
24 July 2008

Verizon buys Alltel in $28bn deal Alltel, the 5th biggest US mobile operator, is powerful in rustic areas Verizon Wireless has announced that it is purchasing Alltel in a deal worth $28.1bn making it the biggest mobile telephone network in the States, overtaking ATT.

Verizon Wireless - which is 45% owned by Vodafone - is paying $5.9bn for the firm and taking on $22.2bn of debt. The deal comes about 7 months after Alltel was purchased by TPG Capital and GS Capital Partners for $27.5bn. The mixed company would have more than 80 mill customers, with Alltel targeted especially in small town areas. Consolidation trend researchers asserted the deal might be an indication of wider consolidation in the sector, coming on the day that France Telecom built a suggested offer for Swedish firm Teliasoneria, which was rebuffed as too low. This could be a way of getting expansion from a market that's becoming totally saturated. See Vodafone shares See Verizon shares UK-based Vodafone has been under stress from some speculators to sell its position in Verizon Wireless and concentrate on markets in the East and Europe. But outgoing CEO Arun Sarin has always maintained that Vodafone has no plans to sell its stake, quoting the potential for further expansion In America. Welcoming the Alltel deal, Mr Sarin stated that it would "reinforce" Verizon Wireless ' leading position in the States market, with yearly sales of more than $52bn. The market seemed to welcome the deal, with stocks in Verizon rising more than 6% and Vodafone gaining 3.5%. "This is a way of getting expansion from a market that's becoming absolutely saturated and beginning to decelerate in growth" recounted Joseph Bonner, researcher at Argus Research.

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