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Verizon Wireless Offers To Divest Some Assets To Win Regulatory
Approval Of Alltel Buyout
(InvesTrend Via Acquire Media NewsEdge)
July 24, 2008 (FinancialWire) Verizon Wireless, which is a joint
venture between Verizon Communications Inc. (NYSE: VZ) and Vodafone
Group Plc (NYSE: VOD), has offered to sell cellular operations in North
Dakota, South Dakota and parts of 16 other states to win regulatory
approval of its proposed purchase of Alltel Corp.
The offer from Verizon Wireless comes as it seeks regulatory approval
of its planned acquisition of Alltel for $5.9 billion plus the
assumption of $22.2 billion in debt. The company already has 68.7
million subscribers.
The proposed merger has raised concerns about the impact on competition
in the mainly rural, inland markets that Alltel serves. Verizon also
said it is committed to honoring Alltel's existing roaming agreements
with other regional and small wireless carriers that rely on the
company to provide service in areas where they do not have operations.
Shares of Verizon Communications rose $1.16, or 3.3 percent, to $35.84
Wednesday. The company's stock has traded between $33.15 and $46.24 in
the past year.
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Ltd (www.m2.com))
Copyright ? 2008 M2 Communications Ltd.
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