Alltel, the nation’s fifth largest wireless provider with about 12 million cell phone customers, is being bought for $24.8 billion (and $2.7 billion in Alltel debt) by two investment firms, TPG Capital (formerly Texas Pacific Group), and GS Capital Partners (a subsidiary of Goldman Sachs).
The transaction is likely to complete in the fourth quarter of 2007 or by the first quarter of 2008, and Scott Ford, Alltel’s chief executive officer, will remain in his current role, reports GigOm. Alltel, like Sprint and Verizon, offers EVDO wireless broadband access in select markets.
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