difenbaker
01-09-2009, 10:12 PM
Friday, January 09, 2009
Verizon Wireless Seals Deal With Alltel, Becomes Largest U.S. Carrier
The wireless carrier that calls itself America’s most reliable network is now America’s largest.
Verizon Wireless, a joint venture of Verizon Communications (VZ: 32.15, -0.28, -0.86%) and Vodafone (VOD: 20.85, -0.47, -2.2%), announced Friday the completion of its purchase of Alltel Corp. – a move that boosts the carrier’s customer base to approximately 83.7 million. The company paid about $5.9 billion for the equity of Alltel. Alltel's debt associated with the transaction, net of cash, came to about $22.2 billion, according to a release.
As part of the deal, Verizon Wireless will divest overlapping properties in 105 markets across 24 states – a move that could affect as many as 2.1 million customers across the nation. The affected markets, which are listed here, will be run by a management trust under their current brands until they are sold. They will not be integrated into Verizon Wireless, according to the release.
Verizon Wireless said it will integrate all other operations and continue to use the Alltel brand until the two carriers’ networks and billing systems are integrated. The company said it expects the re-branding process to continue through the third quarter of 2009. In the meantime, Verizon Wireless said Alltel-branded stores will continue to serve customers.
Alltel customers have been advised not to take any action at the moment, as their current service plans, prices and features will be preserved through the transition to Verizon Wireless. Customers will receive a letter during the next few weeks with more specifics on how the transition will affect them.
http://www.foxbusiness.com/story/markets/industries/telecom/verion-wireless-closes-acquistion-alltel/
cheers!
Verizon Wireless Seals Deal With Alltel, Becomes Largest U.S. Carrier
The wireless carrier that calls itself America’s most reliable network is now America’s largest.
Verizon Wireless, a joint venture of Verizon Communications (VZ: 32.15, -0.28, -0.86%) and Vodafone (VOD: 20.85, -0.47, -2.2%), announced Friday the completion of its purchase of Alltel Corp. – a move that boosts the carrier’s customer base to approximately 83.7 million. The company paid about $5.9 billion for the equity of Alltel. Alltel's debt associated with the transaction, net of cash, came to about $22.2 billion, according to a release.
As part of the deal, Verizon Wireless will divest overlapping properties in 105 markets across 24 states – a move that could affect as many as 2.1 million customers across the nation. The affected markets, which are listed here, will be run by a management trust under their current brands until they are sold. They will not be integrated into Verizon Wireless, according to the release.
Verizon Wireless said it will integrate all other operations and continue to use the Alltel brand until the two carriers’ networks and billing systems are integrated. The company said it expects the re-branding process to continue through the third quarter of 2009. In the meantime, Verizon Wireless said Alltel-branded stores will continue to serve customers.
Alltel customers have been advised not to take any action at the moment, as their current service plans, prices and features will be preserved through the transition to Verizon Wireless. Customers will receive a letter during the next few weeks with more specifics on how the transition will affect them.
http://www.foxbusiness.com/story/markets/industries/telecom/verion-wireless-closes-acquistion-alltel/
cheers!