It is looking more and more likely that Verizon will soon be purchasing Alltel. Such a deal if finalized would make Verizon Wireless the largest mobile phone service provided in the country with over 81 million customers. Verizon currently has 67 million subscribers, second to front runner AT&T which has 71.4 million subscribers. Alltel has about 17.5 million subscribers according to our sources.
Alltel was just sold less than seven months ago to TPG Capital and a unit of Goldman Sachs Group in a $27.5 billion in a leveraged buyout. Verizon is offering approximately $27 billion for Alltel. The deal would surely be scrutinized by the FCC, and U.S. Department of Justice as it could be seen as an anti-competitive move. Having said this, I think it would promote even greater competition with once monopoly AT&T. Verizon has been spending a lot of money lately, after the major pact made between AT&T and Apple for exclusive rights to the US iPhone. Verizon has recently spent upwards of $9 billion for airwaves in the radio spectrum at a FCC auction 2 months ago.
Jun 04 2008
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