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]