Alltel gets FCC approval for private acquisition deal worth $24.7 Billion
By Will Park on Monday, October 29th, 2007 at 12:24 PM PST In Alltel, Announcements, Financial/Corporate News, Partnerships
Alltel’s sure been doing well for itself recently. Following on Alltel’s recent announcement of increased growth and profits, the FCC has given Alltel the thumbs-up to proceed with a $24.7 billion buy-out deal. Private equity firms TPG Capital and GS Capital Partners are set to cough up the serious dough to take Alltel off the public market.
The deal will net shareholders $71.50 per share (seeing as how they will no longer own any shares), and should be closed by November 22. There’s just one stipulation (there always is). The FCC doesn’t see this deal as an affront to telecom competition because the acquisition should spur development and deployment of new technologies – and has decreed that Alltel only receive a portion of the $24.7B until certain reforms are enacted by Alltel.
Alltel could be poised to take the US rural markets by storm. With a huge cash infusion like this, we can’t wait to see what Alltel does in the coming months.
[Via: MocoNews]
alltel use to be a reputable co, but has last the confidence and trust of its customers. i being one . as a long time customer 8 yrs they want even return an email with an answer or discuss problems by phone or email . this would not happen in yrs past. i have emailed and phoned on a number of cases with no response from customer support . sort of like i dont exist. but come the end of the year and i drop them i bet i get a response from them and all i will do is forward the emails i got no response and the dates of phone calls i did not get any response to.