Verizon + Alltel => Done
June 5, 2008
As we reported yesterday, Verizon signed a deal to acquire Alltel for $28.1 billion. Wow..are things fast. The rumor arose yesterday and the deal is done today. Possibly Verizon kept it under the wraps to thwart any competitive bidding. As we suspected, Alltel walked away with a billion dollars more than the figure mentioned yesterday. The two private equity firms behind Alltel – Goldman Sachs and Texas Pacific Group were able to recoup their $27.5 billion and some more in seven months. Nice deal for them. With credit markets in crisis, these firms probably want more cash on hand and they walked away with a nice profit (albeit not a large one) in a short time.
AT&T lost its No 1 leadership mantle. But these things hardly matter. Too much M&A to pin No 1 mantle on any one firm for too long…
MT
Entry Filed under: AT&T, Mobile Operators, Sprint, T-Mobile, Venture Capital, Verizon Wireless. Tags: alltel, alltel acquired, alltel acquisition, alltel wireless, AT&T, Goldman Sachs, M&A, mobile carrier, mobile operator, No 1 US carrier, Sprint, Texas Pacific Group, TPG, TPG Capital, US carriers, Verizon, Verizon Wireless, wireless operator, Wireless operators.
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