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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Verizon Wireless agreed to buy Alltel on June 5, 2008, and completed the acquisition on January 9, 2009. The announced $5.9 billion was the price for Alltel’s equity; including projected net debt, the company put the transaction’s aggregate value at $28.1 billion. Regulatory approval required sales of wireless operations in overlapping markets.
What Verizon agreed to pay for Alltel
In its June 5, 2008 announcement, Verizon Wireless said it would pay approximately $5.9 billion for Alltel’s equity in a cash merger with Alltel Corporation and its controlling owner, Atlantis Holdings LLC. Verizon also estimated Alltel’s net debt at closing would be $22.2 billion, putting the aggregate transaction value at $28.1 billion. The debt figure was a projection in the announcement, not additional cash paid for equity. Verizon Wireless’s announcement described the transaction as subject to regulatory approvals and targeted completion by year-end. [c001]
Why regulators required divestitures
The Department of Justice announced a proposed settlement on October 30, 2008. Its complaint alleged that Verizon and Alltel were significant competitors and each other’s closest competitor for a significant set of customers in 94 Cellular Marketing Areas (CMAs). The settlement proposed divestitures in those 94 areas; changes to existing consent decrees addressed six additional areas. The 94 figure refers to CMAs, not states, and describes DOJ’s competition rationale rather than a finding that prices or service had changed. DOJ’s announcement quoted Assistant Attorney General Thomas O. Barnett calling the required divestitures “among the most extensive required by the Department in a wireless case.” [c002] [c006]
The Federal Communications Commission adopted its approval order on November 4, 2008, subject to conditions. A later Verizon Wireless SEC filing summarized terms involving Enhanced 911 accuracy, honoring certain existing Alltel roaming agreements with regional, small, or rural carriers, and phasing down eligible telecommunications carrier high-cost support. These were historical conditions on the transaction, some tied to other FCC standards or policies; they should not be read as a description of current carrier requirements. Verizon Wireless’s filing describes the conditions. [c005]
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When the acquisition closed—and what changed
Verizon Wireless announced that the acquisition closed on January 9, 2009. It reported paying approximately $5.9 billion for the equity and described Alltel’s debt, net of cash, as approximately $22.2 billion immediately before closing. The closing announcement said the deal added 12.9 million customers before divestitures and brought the combined company above 83.7 million customers, based on both companies’ reported third-quarter 2008 figures. These are company-reported historical figures, not current subscriber totals. Verizon Wireless’s completion announcement gives the closing figures. [c003] [c004]
The same announcement said approval conditions from DOJ and the FCC required divestitures in 105 markets across 24 states. The properties were primarily Alltel operations, but some Verizon Wireless and Rural Cellular Corporation operations were also involved. This closing-stage total is distinct from DOJ’s October description: DOJ discussed its proposed settlement’s 94 CMAs and six consent-decree areas, while Verizon later reported the overall divestiture scope required by DOJ and FCC conditions. [c004]
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Deal timeline
| Date | Milestone | What it meant |
|---|---|---|
| June 5, 2008 | Agreement announced | Verizon Wireless announced the cash merger agreement and estimated $28.1 billion aggregate value, including projected net debt. [c001] |
| October 30, 2008 | DOJ proposed settlement announced | The proposal addressed alleged competitive overlap and proposed divestitures. [c002] |
| November 4, 2008 | FCC approval order adopted | Approval was subject to conditions. [c005] |
| January 9, 2009 | Acquisition completed | Verizon Wireless reported closing the purchase and described divestiture requirements across 105 markets in 24 states. [c003] [c004] |
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