Little Rock, Ark.-based Alltel, the fifth largest wireless carrier in the U.S., agreed to be purchased today for about $25 billion. Here’s a Reuters report on the deal.
TPG Capital and GS Capital Partners, the buyout arm of Goldman Sachs, will pay $71.50 a share in cash. Including the assumption of debt, the deal is worth about $27.5 billion.
Alltel shares rose $4.25, or 6.5 percent, to $69.46 and have gained nearly 20 percent since speculation over a potential buyout emerged in December.
In January 2005, Alltel purchased Bellevue-based Western Wireless, which also serves rural areas, for $4.4 billion.
The company’s founder and chief executive was John Stanton, who now heads a venture-capital company.