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Verizon Wireless purchases Alltel

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Verizon Wireless, a joint venture of Verizon Communications and Vodafone has completed its purchase of Alltel Corporation from Atlantis Holdings LLC.

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Verizon paid approximately $5.9 billion for the equity of Alltel. Immediately prior to the closing, the Alltel debt associated with the transaction, net of cash, was approximately $22.2 billion.

The acquisition expands Verizon Wireless' network coverage to approximately 290 million people, nearly the entire United States population, and increased the company's customers by 12.9 million, after conforming adjustments and before required divestitures, making it the largest wireless carrier in the country with more than 83.7 million total customers, based on third quarter 2008 reported results from both companies.

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