CNBC: Verizon Wireless in talks to buy Alltel - WMC Action News 5 - Memphis, Tennessee

CNBC: Verizon Wireless in talks to buy Alltel

NEW YORK (AP) - Verizon Wireless is in talks to buy Alltel Communications LLC, the country's fifth-largest wireless carrier by subscribers, for $27 billion. That's according to business news channel CNBC.

The report by David Faber cited unnamed sources. Representatives of Verizon Communications Incorporated and Alltel had no comment.

An acquisition would be the biggest telecom deal since AT&T bought BellSouth Corp. at the end of 2006.

Little Rock-based Alltel was a public company until it was bought out by TPG Capital and GS Capital Partners in November for 24.7 billion dollars. It has a wide-ranging network covering parts of 35 states concentrated in the middle of the country, and has more than 13 million customers.

Verizon Wireless, the Number 2 wireless carrier, uses the same network technology as Alltel.

 

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

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