Printed from http://www.electronista.com

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.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Epson PowerLite Home Cinema 3500 projector

Trying to find the perfect projector for a home theater can be tricky, as there are bountiful options on the market from a large numbe ...

Thecus N2310 NAS

For every computer user, there comes a point of critical mass in data storage. When it hits, external hard drives, USB sticks and DVD ...

iRig Pads

When it comes to mobile music products, IK Multimedia has positioned itself as one of the top suppliers. Right from the early days of ...

Advertisement

toggle

Most Commented

 
toggle

Popular News