one of the largest-ever private equity takeovers, US mobile
phone network Alltel, which has the largest geographic
reach in the US, has agreed to be bought by TPG Capital
and Goldman Sachs for $27.5 billion.
in Little Rock, Arkansas, Alltel''s mobile phone network
covers a total 35 states in the US.
value of the deal translates to $71.50 per Alltel share,
a premium of 10 per cent over Alltel''s Friday closing
price of $65.21. Alltel''s board of directors has unanimously
approved the deal, which is due to be completed by the
end of this year, or start of 2008.
Ford, Alltel''s chief executive officer, who will retain
after the company changes hands, said the transaction
"delivers substantial and certain value to our shareholders."
deal was announced within days of Chrysler, contact lens
manufacturer Bausch & Lomb and credit card processor
Alliance Data agreeing to be bought by private equity