Monday, January 5, 2009

Verizon to officially take pole position within a week


Verizon Wireless is expected to complete its US$28.1 billion acquisition of Alltel Corp on January 9. Upon completion, the deal will make Verizon the largest mobile operator in the US, overtaking AT&T Inc.

The deal will add almost 14 million customers to Verizon’s subscriber rolls, to about 78 million subscribers.

Acquiring new customers has become more difficult for phone companies as the market saturates, where 84 percent of the population already has wireless service.

Alltel was taken private in 2007 by TPG Inc. and GoldmanSachs Group Inc., which paid $27.5 billion for the company.Verizon will pay $5.9 billion in cash and finance the rest with$22.2 billion in debt.

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