It's been no secret that Alltel's been courting suitors for a few months now, and someone's finally bit the bait to the tune of $27.5 billion. A pair of firms, TPG Capital and GS Capital Partners (of Goldman Sachs), have hooked up to make the deal happen by offering $71.50 in cold, hard cash for each of Alltel's shares, a fair premium over the $65.21 each share commanded as of market close on Friday. Assuming the deal clears the usual regulatory hurdles -- which we're guessing will be considerably lower, since Alltel's buyer isn't a fellow carrier -- it thinks it can get everything squared away by Q4 of this year or Q1 of 2008.

[Thanks, anonymous tipster]

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Alltel sells out to investment firms for $27.5B