Alltel absorbed by private equity firms
updated 12:35 pm EDT, Mon May 21, 2007
Alltel acquired
The major American group Alltel has become the latest cellphone carrier to be absorbed through merger. The company has specifically been bought by two private equity firms, TPG Capital and GS Capital Partners, who are buying all of Alltel's outstanding stock at a price of $71.50 per share -- 23 percent more than the stock was worth on December 29th, and part of a total acquisition plan valued at $27.5 billion.
While the deal must still be approved by Alltel's other shareholders, the Board of Directors has already voted for it unanimously, and it is unlikely to be seriously opposed. As currently laid out the merger will take effect by the first quarter of 2008, and current CEO Scott Ford will keep his position.
