Verizon-Alltel takeover gains FCC approval

Verizon Wireless’s deal too purchase Alltel has been approved by the FCC, which will make Verizon Wireless the United States largest wireless carrier with roughly 83.8 million subscribers to the Verizon banner.

The word is that this $28.1 billion agreement involves a buyout of $5.9 billion along with $22.2 billion is presumed debt. Furthermore, details of the contract maintain that Verizon must honour the four year roaming contract with Alltel’s existing partners, which was actually suggested by Verizon, and doubles the period length asked by the FCC.

Verizon gains the prestige of becoming the USA’s biggest carrier while Alltel gains benefit from connecting their 13 million users to Verizon’s 70.8 million strong network, and exclusive new mobile phones will be shared between both companies.
Source – electronista