Verizon looking to acquire Alltel for $27 Billion

Verizon looking to acquire Alltel for $27 Billion
Verizon Wireless is in talks to acquire Alltel for about $27 billion in debt and cash. While the details are still being worked out, one person said that the $27 billion valuation could be comprised of mostly debt and a smaller amount of cash. Alltel had $23.35 billion in long-term debt on its balance sheet at the end of the first quarter. Verizon currently has about 67 million customers, combined with Alltel's 13 million, would produce a total of 80 million customers for Verizon, passing-up AT&T's 71 million to become the largest wireless provider in the US.

source: Reuters

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