Federal Trade Commission approves Verizon/Alltel acquisition, making it official

Federal Trade Commission approves Verizon/Alltel acquisition, making it official
The final regulatory hurdle was cleared in Verizon Wireless' planned acquisition of Alltel on Wednesday, making the buyout a reality and officially creating the largest carrier in the United States.  The Federal Communications Commission (FCC) and the Department of Justice had already approved the deal, and a review by the Federal Trade Commission's (FTC) antitrust regulators showed that they had no objections to the proposition. 

Verizon Wireless will be paying $5.9 billion for Alltel, and has agreed to assume $22.2 billion of the company's debt.  Surprisingly enough, even corporations like Verizon require loans as well - in a filing with the Securities and Exchange Commission (SEC), Verizon stated that it had secured commitments from eight financial organizations to provide $17 billion dollars for the purchase.

source: Yahoo Finance

FEATURED VIDEO

24 Comments

1. slimm

Posts: 2; Member since: Dec 11, 2008

um i think you have m's where you should have b's (millions instead of billions).

2. secondcor517

Posts: 94; Member since: Oct 06, 2008

From VZW's website: "Under the terms of the agreement, Verizon Wireless will acquire the equity of Alltel for approximately $5.9 billion. Based on Alltel’s projected net debt at closing of $22.2 billion, the aggregate value of the transaction is $28.1 billion."

3. Mayday3420

Posts: 61; Member since: Dec 11, 2008

Lol, phonearena doesn't even know how to cut and paste or they just don't know the difference between 2 commas and 3 commas when it comes to money.

4. vzw fanman

Posts: 1976; Member since: Dec 11, 2008

haha lol

5. vividshimmer

Posts: 4; Member since: Aug 27, 2008

See you later, Chad!! Man, I hate Chad. But srsly, the Alltel aquisition will ceritainly help VZW's footprint in tons of rural markets where they need the most help.

7. Javaground

Posts: 3; Member since: Nov 18, 2008

Here's a scary thought: What if the Verizon guy and Chad team up, and become the VZW duo?

6. vzwemp87

Posts: 18; Member since: Apr 09, 2008

yeah chad you're still a ding-dong

8. cartman

Posts: 45; Member since: Dec 11, 2008

They are both annoying. "Can you hear me now?" - wtf

9. TheKing

Posts: 15; Member since: Dec 11, 2008

i say you leave them out.. get a good looking woman, have her wear something sexy so i could hear her now!

14. unregistered

good call!

23. ICanAffordVZW

Posts: 123; Member since: Dec 15, 2008

great idea...not

10. cartman

Posts: 45; Member since: Dec 11, 2008

Does that mean sh**** devices for Alltel customers? For eg. even though certain clamshells are mediocre, Alltel's version of Touch Diamond and Touch Pro are better than Verizon's Touch Pro. So, yea, even though Alltel just released that Touch handhelds, I wonder what's gonna happen now.

18. renegade626

Posts: 54; Member since: Dec 12, 2008

Yes, And just because they like to annoy people like you. Have fun spending another couple hundo on a new phone when you have to switch carriers. *end sarcasm* Verizon, overal has the best selection of solid phones that appeal to any customer. eg. W755 for people who have bad reception in rural areas, ENV and Dare for people whole like full keyboards and touch screens, Omnia, blackberry, and touch for the pda lovers. Heck even the knack is a sweet phone for your 80 year old grandma. phones asside, EVDO just about anywhere you can travel is not much any other carrier can say (ATT lovers) =p

11. TheKing

Posts: 15; Member since: Dec 11, 2008

now that sells!!

12. ddripp

Posts: 63; Member since: Dec 11, 2008

the evil empire!!! i hate them

13. TheKing

Posts: 15; Member since: Dec 11, 2008

are you trying to be luke skywalker and be a rebel? i mean the evil empire?? c'mon.. i mean, well... c'mon

15. Fanboys Suck

Posts: 609; Member since: Dec 12, 2008

Rage Against the Machine!!!

21. Legion

Posts: 397; Member since: Dec 12, 2008

*joke flys over TheKings head*

16. Jyakotu

Posts: 867; Member since: Dec 12, 2008

Well, I hope Alltel customers are happy with being with Verizon. But, is there a chance that they'll stay with Verizon? After all, if they wanted to be with Verizon, I'm sure Alltel customers would've chosen it over Alltel.

17. TheKing

Posts: 15; Member since: Dec 11, 2008

well its more in the favor of current vzw customers.. now they'll have way better reception in rural areas

19. renegade626

Posts: 54; Member since: Dec 12, 2008

I remember back when alltell aquired cellone a lot of people got roped into contracts and plans that they didnt want to.

20. Jyakotu

Posts: 867; Member since: Dec 12, 2008

Oh, okay, now I get it. It all makes sense now.

22. bong_water unregistered

the buyout wasnt just to gain new customers but to take over service areas that they wouldnt be able to without taking this route. As a happy verizon customer i have no doubt in my mind that many customers will be leaving altel/verizon, but overall they will not lose most of there customers so its a gain for them regardless of how many people leave altel/verizon. your taking a competitor out of the picture. Its a good move on verizons part considering altel is one of the last companies besides small local companies that the fcc will allow buyouts of. for the verizon hates.. stick with your sprint or att.

24. ICanAffordVZW

Posts: 123; Member since: Dec 15, 2008

Such anger towards non-VZW customers. Personally, as a VZW employee I would love to see AT&T and sprint customers give us a try.

Latest Stories

This copy is for your personal, non-commercial use only. You can order presentation-ready copies for distribution to your colleagues, clients or customers at https://www.parsintl.com/phonearena or use the Reprints & Permissions tool that appears at the bottom of each web page. Visit https://www.parsintl.com/ for samples and additional information.