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Verizon Wireless reportedly in talks to acquire Alltel for $27 billion
Summary from the United Kingdom, from articles in English
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Vodafone is in the final stages of completing a deal worth nearly $30 billion ($15.5 billion) that will see it overtake AT&T to become the biggest mobile phone company in America. (article 1)
Executives from Vodafone and Verizon, the US phone company in which the Berkshire-based group controls a 45 per cent stake, are understood to be in advanced discussions with Alltel, America's fifth-biggest cell phone operator. (article 1)
The transformational deal would represent the swansong of Arun Sarin who is planning to step down this summer. (article 1)
Verizon and Vodafone would have to convince both the private equity firms and Citigroup, Barclays and Royal Bank of Scotland, who helped to fund the acquisition of Alltel last year for $24.7 billion. (article 1)
A combined Verizon-Alltel group would have about 80 million mobile phone subscribers across the United States and would make the new operator larger than AT&T, the largest US mobile phone network with about 71 million subscribers. (article 1)
Last month Alltel said that during the first quarter of the year revenues had risen by 11 per cent to $2.3 billion and there had been a 26 per cent rise in subscribers compared with the same period the year before. (article 1)
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Other summaries about this story:
Event tracking:
Story keywords
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Alltel, Verizon, Wireless, Vodafone, at&t |
Source articles
- Times Online (business.timesonline.co.uk, 06/05/2008, 548 words)
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blaster@cs.columbia.edu
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