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Vodafone confirms Verizon's Alltel talks
posted 8:03 am Thu June 05, 2008 - LONDON
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Vodafone Group PLC confirmed Thursday that Verizon Wireless is in advanced talks about acquiring U.S. carrier Alltel Communications LLC.News reports have suggested the possible deal would value Alltel, the fifth-largest U.S. wireless carrier by subscribers, at $27 billion. Vodafone holds a 45 percent stake in Verizon Wireless, which is controlled by Verizon Communications.
"Vodafone confirms that Verizon Wireless is in advanced discussions regarding the potential acquisition of Alltel Corp. There is no assurance that a transaction will be forthcoming," the company said in an announcement to the London Stock Exchange.
The acquisition would be the biggest telecom deal since AT&T Inc. bought BellSouth Corp. in 2006. Adding Alltel's 13.2 million subscribers to Verizon Wireless' 67.2 million would create the largest wireless carrier in the country, leaping past AT&T Inc. with 71.4 million customers.
Vodafone shares fell 1.4 percent to 152.5 pence ($2.99) in early trading on the London Stock Exchange.
Shares of Verizon Communications closed down 1 percent at $36.98 Wednesday after news reports of the talks.
Little Rock, Ark.-based Alltel, formerly a public company, was bought out by TPG Capital and GS Capital Partners in November for $24.7 billion. Its network covers parts of 35 states.
"Vodafone confirms that Verizon Wireless is in advanced discussions regarding the potential acquisition of Alltel Corp. There is no assurance that a transaction will be forthcoming," the company said in an announcement to the London Stock Exchange.
The acquisition would be the biggest telecom deal since AT&T Inc. bought BellSouth Corp. in 2006. Adding Alltel's 13.2 million subscribers to Verizon Wireless' 67.2 million would create the largest wireless carrier in the country, leaping past AT&T Inc. with 71.4 million customers.Vodafone shares fell 1.4 percent to 152.5 pence ($2.99) in early trading on the London Stock Exchange.
Shares of Verizon Communications closed down 1 percent at $36.98 Wednesday after news reports of the talks.
Little Rock, Ark.-based Alltel, formerly a public company, was bought out by TPG Capital and GS Capital Partners in November for $24.7 billion. Its network covers parts of 35 states.
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