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Verizon Buys Alltel To Expand EVDO Network

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3Gstore
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Joined: 19 Sep 2006
Posts: 3158

PostPosted: Wed Jun 04, 2008 1:16 pm    Post subject: Verizon Buys Alltel To Expand EVDO Network Reply with quote



UPDATE: it appears to be a done deal now:
Quote:
Verizon Wireless agrees to buy Alltel for $5.9B
Thursday June 5, 10:09 am ET
Verizon Wireless agrees to buy Alltel for $5.9B in deal to become largest US cellular carrier

NEW YORK (AP) -- Verizon Wireless has agreed to buy Alltel Corp. for $5.9 billion, which would make it by far the largest cellular carrier in the U.S.

Verizon Wireless said Thursday it would assume $22.2 billion in debt in the deal, bringing the total value to $28.1 billion.

Alltel has 13.2 million subscribers in 34 states, mainly in rural areas away from the coasts. Added to Verizon Wireless 67.2 million subscribers, the size of the combined company would surpass AT&T Inc., with 71.4 million subscribers.

The parties expect the deal to close by the end of the year, pending regulatory approvals. The deal is likely to face scrutiny by the Department of Justice and the Federal Trade Commission, but analysts expect it to pass.

Quote:
NEW YORK (Reuters) - Verizon Communications Inc is in talks to buy rural mobile service provider Alltel Corp, CNBC reported on Wednesday.

CNBC also said Verizon is expected to pay eight times Alltel's EBITDA, or earnings before interest, tax, depreciation and amortization.

Verizon, together with Vodafone Group Plc, owns Verizon Wireless, the No. 2 U.S. wireless service provider.

Verizon declined to comment on the matter. Alltel representatives were not immediately available for comment.


Quote:
NEW YORK (AP) -- Verizon Wireless is in talks to buy Alltel Communications LLC, the country's fifth-largest wireless carrier by subscribers, for $27 billion, according to business news channel CNBC.
The report by David Faber cited unnamed sources. Representatives of Verizon Communications Inc. and Alltel had no comment.

Verizon shares dipped after the report, trading down 76 cents, or 2 percent, to $36.60 in the afternoon.

If consummated, an acquisition would be the biggest telecom deal since AT&T Inc. bought BellSouth Corp. at the end of 2006.

Little Rock, Ark.-based Alltel was a public company until it was bought out by TPG Capital and GS Capital Partners in November for $24.7 billion. It has a wide-ranging network covering parts of 35 states concentrated in the middle of the country, and has more than 13 million customers.

Verizon Wireless, the No. 2 wireless carrier, uses the same network technology as Alltel. That makes Verizon Wireless a more likely acquirer than AT&T Inc., which uses an incompatible technology. Regulatory scrutiny of an AT&T deal would also be tougher, since AT&T is the largest carrier.

Verizon Wireless is a joint venture of Verizon Communications and Vodafone Group PLC of Britain.


Last edited by 3Gstore on Tue Nov 04, 2008 4:12 pm; edited 3 times in total
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Charlie_r_m
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Joined: 10 Oct 2007
Posts: 8

PostPosted: Wed Jun 04, 2008 3:14 pm    Post subject: so long unlimited alltel if it happens. Reply with quote

Yup looks like they're gonna try to buy them out. It may explain why my service with alltel has gotten worse and worse the past 2 months. Either way, if/when it happens Verizon is sure to slap their 5 gig cap on the service along with other changes and probably the enviable shrinkages for people who were lucky enough that they could get alltel's service in the backwoods of nowhere like me. Sadly, I see no reason alltel would go out of their way to fix any problems that people are facing at the moment. Hopefully Cellular South will open their wireless up to regular consumers and work on their towers some. The have a tower about 1 mile away from my house. It's only 1x right now though.
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karlyn
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Joined: 02 Apr 2007
Posts: 396
Location: Lynchburg, VA

PostPosted: Wed Jun 04, 2008 3:58 pm    Post subject: Reply with quote

This is like my worst nightmare. Crying or Very sad
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dima
EVDO Heavy User


Joined: 20 Mar 2008
Posts: 109

PostPosted: Wed Jun 04, 2008 6:44 pm    Post subject: Reply with quote

Well, so much for the exodus from Sprint to "bluer" pastures of "unlimited" service. And now that all the cable companies are putting caps on too, I guess C.A.P. is the order of the day.

But, ummm, shouldn't the devouring fish-mouth be RED? Instead of YELLOW? That's Sprint's color.
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Azmyth
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Joined: 04 Apr 2007
Posts: 258

PostPosted: Wed Jun 04, 2008 7:39 pm    Post subject: Reply with quote

well there goes my internet.

my 360 gaming is down the drain.
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herlien
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Joined: 23 Oct 2007
Posts: 55
Location: Monterey County CA

PostPosted: Thu Jun 05, 2008 8:42 am    Post subject: Reply with quote

Looks like it's a done deal.

http://biz.yahoo.com/rb/080605/alltel_verizon.html
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wgray05
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Joined: 05 Jun 2008
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PostPosted: Thu Jun 05, 2008 8:42 am    Post subject: Reply with quote

I wonder what this will do to the Sprint/Alltel EVDO roaming agreement.
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dhenninger
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Joined: 14 Jan 2008
Posts: 20

PostPosted: Thu Jun 05, 2008 8:52 am    Post subject: Reply with quote

wgray05 wrote:
I wonder what this will do to the Sprint/Alltel EVDO roaming agreement.

I was wondering the exact same thing, maybe that accounts for the 300mb roaming cap.
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Rottweiler
EVDO User


Joined: 20 May 2006
Posts: 43
Location: Heber Springs, Arkansas

PostPosted: Thu Jun 05, 2008 8:57 am    Post subject: Reply with quote

This is surely the worst news ever.

The universe surely has a sense of humor. Why else does it always seem that the worst companies always end up on top.
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JoeCHecht
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Joined: 05 Jan 2008
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PostPosted: Thu Jun 05, 2008 9:00 am    Post subject: Reply with quote

Fed up with Sprint, I just bought into Alltel EVDO Sad

GRRRR!
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dario
3Gstore Employee


Joined: 03 Jan 2008
Posts: 435
Location: Tampa Bay Florida

PostPosted: Thu Jun 05, 2008 9:10 am    Post subject: Its Over Verizon Wireless agrees to buy Alltel for $5.9B Reply with quote

http://news.wired.com/dynamic/stories/V/VERIZON_WIRELESS_ALLTEL?SITE=WIRE&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2008-06-05-07-43-05

Verizon Wireless agrees to buy Alltel for $5.9B

By PETER SVENSSON
AP Business Writer
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NEW YORK (AP) -- Verizon Wireless has agreed to buy Alltel Corp. for $5.9 billion, which would make it by far the largest cellular carrier in the U.S.

Verizon Wireless would also assume $22.2 billion in debt in the deal, bringing the total value to $28.1 billion, the parties said Thursday.

The deal comes just seven months after Alltel was taken private by TPG Capital and a unit of Goldman Sachs Group. They paid $24.7 billion for the stock and took on $2.7 billion in debt, bringing the value of that deal to $27.4 billion.

Alltel has 13.2 million subscribers in 34 states, mainly in rural areas away from the coasts. Added to Verizon Wireless 67.2 million subscribers, the size of the combined company would surpass the current U.S. cellular leader AT&T Inc., with 71.4 million subscribers.

The parties expect the deal to close by the end of the year, pending regulatory approvals. The deal is likely to face scrutiny by the Department of Justice and the Federal Trade Commission, but analysts expect it to pass.

Shares of New York-based Verizon Communications Inc., the controlling parent of Verizon Wireless, rose $2.16, or 5.8 percent, to $39.14 by late morning. Verizon Wireless' other parent is Vodafone Group PLC of Britain, with a 45 percent share of the joint venture.

Verizon Wireless expects that the deal to add immediately to earnings, excluding transaction and integration costs. It expects the deal to generate "synergies" of more than $9 billion due to reduced capital and operating spending. Analysts believe Verizon Wireless pays Alltel hundreds of millions of dollars a year in roaming fees, since Alltel provides coverage in many areas where Verizon Wireless does not.

In a statement, Verizon Communications Chairman and Chief Executive Ivan Seidenberg said Alltel is a "a perfect fit," given its valuable customer base and solid financials. He also pointed to the fact that the carriers share the same network technology. AT&T and another wireless carrier T-Mobile USA use an incompatible technology.

The $28.1 billion Verizon Wireless is paying, including debt, points to a small profit for the private-equity firms. The buyout happened at a difficult time in the credit markets, and the banks who financed the deal reportedly ended up holding some of the debt on their books, rather than selling it. That put pressure on the buyout group to cash out.

Talks between Verizon Wireless and Alltel were reported Wednesday by CNBC and The Wall Street Journal. Based on those reports, analyst Craig Moffett at Sanford Bernstein said the deal could yield significant economies of scale.

"The consolidation of Alltel takes another step towards rationalizing and consolidating the U.S. wireless industry, something that must be viewed as a positive" from an investor perspective, he said.

He said regulatory approval was likely, since the industry is already viewed as consisting of four players: the national carriers Verizon Wireless, AT&T, Sprint Nextel Corp. and T-Mobile USA. The deal signals that "the days for a mid-sized, regional stand-alone wireless operator are numbered," he wrote.

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Mackieman
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Joined: 31 Oct 2005
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PostPosted: Thu Jun 05, 2008 9:53 am    Post subject: Reply with quote

I wonder if Verizon will force Alltel's network to upgrade to MobileIP as the standard rather than the exception.
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dima
EVDO Heavy User


Joined: 20 Mar 2008
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PostPosted: Thu Jun 05, 2008 10:02 am    Post subject: Reply with quote

JoeCHecht wrote:
Fed up with Sprint, I just bought into Alltel EVDO Sad

GRRRR!


dials *611

Welcome to Verizon Wireless Very Happy Very Happy Very Happy
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Azmyth
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Joined: 04 Apr 2007
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PostPosted: Thu Jun 05, 2008 12:48 pm    Post subject: Reply with quote

wonder if we are gonna get hit with the 5gig cap.
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dima
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Joined: 20 Mar 2008
Posts: 109

PostPosted: Thu Jun 05, 2008 7:32 pm    Post subject: Reply with quote

5 Gig Cap? Of course. How can they possibly acquire Alltel users put thm under VZW and not do otherwise. They might keep the circle thingie though but I remember when Cingular bought AT&T they pretty much dumped AT&T stuff and stuck a usage penalty on us old TDMA users until we either got a new GSM phone or quit. I quit. Still have the old phone though. Even though I can't get ANY signal on it anymore lol.
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