Alltel is officially off the market: FCC approves $24.7B private equity buyout

The FCC hath spake: TPG Capital and GS Capital Partners (a subsidiary of Goldman Sachs), the two private equity firms looking to buy out the paradoxically national-regional carrier Alltel, have been given the greenlight. The two firms will pony up $24.7 billion (about $2050 per customers) to take Alltel, flush with cash and new customers, off the public market, with the expectation of closing the deal by November 22nd and paying some $71.50 cash per share to current shareholders. Two words: cha-ching.

[Via MoCoNews]

[skhawaja @ Oct 29th 2007 2:21AM]

WOW! Alltel was definitely suited to their name - interesting to see what happens afterwards - spinoffs galore?

[Jesse S @ Oct 29th 2007 2:36AM]

Wait, what? Can someone tell me what taking Alltel off of the public market means?

Are they making it a private company, or, what?

[EricDJ @ Oct 29th 2007 2:59AM]

They spend so much money showing commercials to people outside of their service areas. Maybe they can get some cash infusions to make them reach to where their ads are.

[Fruition @ Oct 29th 2007 3:56AM]

"Hath spake"--I love it! Engadget is win.

^_^

[Lee M. @ Oct 29th 2007 5:12AM]

I'm wondering why anybody would want to buy a company that has the worst service, worst selection of phones, f'ed up technology, and piss poor customer service of all the major carriers. I would have donated a few bucks to put the company out of business. I would have donated my savings to beat the crap out of that stupid kid Chad. How annoying can one company be?

[zargon @ Oct 29th 2007 7:55AM]

It probably has to do with gaining coverage. I don't know about else where, but around the Twin Cities in Minneapolis. Alltel is primarily in rural areas just outside of the cities, like my wives home town just a hour and 30 minutes away from the cities. Everyone out there has Alltel and those are the towers we use when we are out there.

I know there were rumors that Verizon was shopping around to pick up Alltel for this very reason, to get even more coverage.

[Tereasa @ Oct 29th 2007 9:32AM]

Well, you big city folks get all the good stuff first. Alltel is the best wireless carrier here in 'middle 'o nowhere'. Although we can get AT&T, Sprint, and Verizon, their coverage area is basically the interstate. Those companies are improving coverage, albeit slowly.

[Denis @ Oct 29th 2007 10:51AM]

I have been with Alltel since before they were Alltel. I have been very happy with my service. I have never even considered switching providers. My company phone is Nextel and it is crap.

[Richard S. @ Oct 29th 2007 12:46PM]

I moved from the city to the boonies because of my job and bought a phone with Verizon because they showed me a really pretty red map that my destination was _definitely_ in their coverage area and would work great. Well I moved and it turned out it was their "Extended Network" and nothing worked. Couldn't picture/video message, couldn't check my minutes, couldn't even contact customer service by using #611 all for about $114/month. Switched to Alltel at $59/month and couldn't be happier. Great service, great coverage, never have any overages because of MyCircle. Hope this deal doesn't change it for the worse.

[Nash @ Oct 29th 2007 10:09AM]

what does this do for alltel costumers like myself?

[The ZeroCorpse @ Oct 29th 2007 11:24AM]

Does this mean those godsawful television advertisements will finally GO AWAY? If yes, then this is a good thing and I support it fully.

[LiQuiD_FuSioN @ Oct 29th 2007 7:14PM]

Hey! I was gonna say that I'd miss those commercials if they were ever to go away! >:(

[CUBSWILLWIN @ Oct 29th 2007 4:00PM]

hey, maybe those terrorist letters mailed to goldmen and sachs reported on the news a few months ago were really alltel customers not wanting this to happen.

[AlohaD @ Oct 29th 2007 4:59PM]

There's a old saying "The parts are worth more than the sum..." Shall we see a split-off sales to some of the 'Big 4'?

[jeepkid405 @ Oct 29th 2007 11:13PM]

Well, in response, we used to have alltel, which my family hated. We live in "the boonies" and while the alltel system showed that we had more bars than our current Verizon, alltel dropped calls like it was their job. Notably, in some parts of the counrty (ie: upstate ny) I got better reception and call clarity than subscribers to verizon, but at home in ohio, we got crap. We were even (barely) within alltel's high speed network, which wasn't anything to write home about. My mom got so pissed at the phone dropping calls she stopped using it. I got lost trying to keep a tally of dropped calls.

My family currently has verizon and we wouldn't go back to alltel for anything. Period.

[Robin Tobin @ Oct 30th 2007 4:45AM]

On top of the service issues I also noticed some time ago they seem to have stolen my companies logo! http://absurditypublishing.wordpress.com/2007/05/26/surely-some-unscrupulous-nicking-going-on/

[ethan @ Oct 30th 2007 1:13PM]

so..........buy out like, no more alltel sales? because I hate selling for alltel.

[Michael Howery @ Nov 19th 2007 9:12PM]

me and my wife have service with alltel if that is what you call it.We can,t get good signal in our own house.My wife is handicapped and we need dependable service but they don,t care and refuse to let me cancel contract without termination fees.

[Adam @ Nov 30th 2007 12:48PM]

In response to the last complainer. You have 15 days or 30 minutes talk time to test your phone service. Should've returned it immediately if there was no reception in your house. READ CONTRACTS BEFORE YOU SIGN THEM. I can't stand people that will listen to everything that is explained to them, not pay attention, sign an agreement without reading it, and then blame a company later for their stupidity/lazyness/ignorance. Dont sign something until you read it. Don't buy something unless you understand it. Breathe in. Breathe out. Let's try using our brains next time