By Allen Tsai | Wed Jun 04, 2008 6:52 pm |
Verizon Wireless is close to sealing a roughly $27 billion deal to buy Alltel, the country's fifth-largest wireless carrier by subscribers, aiming to overtake AT&T as the top U.S. wireless service.
If consummated, Verizon's move would be the biggest telecom deal since AT&T bought BellSouth at the end of 2006. Adding Alltel's 13.2 million customers to Verizon Wireless' 67.2 million would create the largest wireless carrier in the country, far ahead of AT&T with 71.4 million subscribers. Verizon would take on about $23 billion of Alltel debt, a surprise to many analysts as it came only seven months after Alltel was taken private by TPG Capital and GS Capital Partners.A deal could save Verizon Wireless more than $1 billion per year. Verizon Wireless now pays hundreds of millions in roaming charges every year to Alltel. Verizon had been considered a natural suitor for Alltel before it was sold to private equity as Verizon and Alltel use the same CDMA wireless network technology. Sprint Nextel, which has been struggling with customer losses, also uses CDMA. Both Verizon Wireless and Sprint have roaming agreements allowing their customers to use Alltel's network in areas where they do not have coverage themselves.
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Tue Feb 07, 2012 2:31 pm | By
Verizon plans to sell the Motorola Droid 4, its flagship Android 4G device, on February 10 for $200 with a two-year contract.
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Tue Feb 07, 2012 11:49 am | By
Verizon plans to offer a "double-data" promotion, as the carrier attempts to boost its 4G LTE network.
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Mon Feb 06, 2012 1:33 pm | By
Verizon and Redbox plan to launch an online media-streaming service, forging a partnership to compete in the crowded field of digital content delivery.
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Wed Feb 01, 2012 4:22 pm | By
Verizon and Comcast are preparing for a Senate inquiry into their pending spectrum deal, as regulators monitor talks for precious airwaves.
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Tue Jan 24, 2012 1:58 pm | By
Verizon is staking its earnings on data services, despite slumping margins from discounted iPhone sales.
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