Verizon Wireless finishes purchase of Alltel

Verizon Wireless has completed its purchase of Little Rock, Ark.-based Alltel Corp. for $28.1 billion, the company announced today.

That purchase figure includes $5.9 billion for the equity of Alltel and $22.2 billion in Alltel debt, according to a Verizon news release.

The deal adds 12.9 million customers to Verizon, for a total of 83.7 million customers. About 2.1 million of those are in 105 markets that Verizon must divest, as required by the U.S. Department of Justice and Federal Communications Commission as a condition of the merger. No markets in Missouri will be divested, according to the release.

Verizon will continue to use the Alltel brand for several months as it integrates networks, converts billing systems and upgrades services. The rebranding effort will occur in phases in the second and third quarters.

Alltel customers' plans and features, including My Circle, will stay the same during the transition, and they will be notified by mail of any changes after the transition is complete.

Alltel employees below executive level will keep their jobs as Verizon assesses staffing needs, the release said.

Basking Ridge, N.J.-based Verizon's network now covers about 290 million people, making it the largest wireless carrier in the country, according to the release. The company entered the Springfield market in March 2008.[[In-content Ad]]