Thursday, June 05, 2008

Verizon Buys Alltel For $28.1 billion

Verizon announced today that it has reached an agreement to purchase the nation's fifth-largest wireless carrier, Alltel Wireless, for a total of $28.1 billion. After adding Alltel's 13 million customers to its ranks, Verizon will have the most subscribers in the United States, with around 80 million.A T&T, which has mostly held the lead for total wireless subscribers since merging with Cingular back in 2004, currently has an estimated 71 million subscribers.

"This move will create an enhanced platform of network coverage, spectrum and customer care to better serve the growing needs of both Alltel and Verizon Wireless customers for reliable basic and advanced broadband wireless services," says Verizon CEO Lowell McAdam.

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