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New GadgetsEver since June of last year there has been talks of Verizon and Alltel merging, but now it is official. Verizon wireless has now become the largest mobile carrier with over 83 million subscribers. Alltel will continue to run under the Alltel name until a complete merger of the two brands later this year. Now you have fewer options on which carrier you can go with, between Verizon and AT&T taking up most of the mobile stock. We will now see a new breed of annoying mobile carrier commercials that you cant help to hate. Here is a Press Release from Verizon today with some more details.
BASKING RIDGE, NJ — Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE LSE: VOD), announced today it has completed its purchase of Alltel Corporation from Atlantis Holdings LLC. Consistent with the terms of the transaction announced on June 5, 2008, Verizon Wireless paid approximately $5.9 billion for the equity of Alltel. Immediately prior to the closing, the Alltel debt associated with the transaction, net of cash, was approximately $22.2 billion.
The acquisition expands Verizon Wireless’ network coverage to approximately 290 million people, nearly the entire United States population, and increases the company’s customers by 12.9 million, after conforming adjustments and before required divestitures, making it the largest wireless carrier in the country with more than 83.7 million total customers, based on third quarter 2008 reported results from both companies. Approximately 2.1 million of those total customers are in markets that will be divested by Verizon Wireless in the coming months, as required by the Department of Justice (DOJ) and the Federal Communications Commission (FCC) as a condition of the merger approval.
