Investment Firms to Buy Alltel for $27.5 Billion
Alltel announced Sunday that it had agreed to a $27.5 billion buyout from TPG Capital and GS Capital Partners. According to the terms of the definitive merger agreement, the two firms will pay $71.50 cash per share of all outstanding common Alltel stock, a 23 percent premium over the closing stock price prior to December 29, 2006, when media reports of a potential buyout surfaced.
The merger agreement has been approved by Alltel’s Board of Directors, who have recommended approval to the company’s shareholders. Contingent upon this and regulatory approval, the transaction is expected to close in Q4 2007 or Q1 2008.
Alltel CEO Scott Ford, who will retain his position after the merger, said, “This transaction delivers substantial and certain value to our shareholders while providing the company with long-term partners who share our commitment to our customers, employees and the communities we serve.”
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