Verizon gets official with $28 billion Alltel acquisition

It looks like those talks between Verizon and Alltel were pretty deep after all, as the two companies have just come out and made the acquisition official. According to the official announcement, the aggregate value of the transaction is $28.1 billion, and the two companies are aiming to have it completed by the end of the year -- assuming all the necessary regulatory approvals come through. For its part, Verizon is of course boasting that this is a win for customers all around, saying that the merger will create an "enhanced platform of network coverage, spectrum and customer care to better serve the growing needs of both Alltel and Verizon Wireless customers for reliable basic and advanced broadband wireless services." Alltel President and CEO Scott Ford also echoed that sentiment, although his role with the future company seems to be less than defined at the moment, with the official announcement only going so far as to say that he will continue in his current position as head of Alltel "until the merger is completed."