Fonzie Posted June 6, 2008 Report Share Posted June 6, 2008 LIfted this from another site.......... BASKING RIDGE, N.J., and LITTLE ROCK, Ark. – Verizon Wireless has entered into an agreement with Alltel Corporation and Atlantis Holdings LLC, an affiliate of private investment firm TPG Capital and GS Capital Partners, to acquire Alltel Corporation in a cash merger.Verizon Wireless is a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE and LSE: VOD).Under the terms of the agreement, Verizon Wireless will acquire the equity of Alltel for approximately $5.9 billion. Based on Alltel’s projected net debt at closing of $22.2 billion, the aggregate value of the transaction is $28.1 billion. The parties are targeting completion of the merger by the end of the year, subject to obtaining regulatory approvals.Once this transaction closes, customers of both companies will have access to an expanded range of products and services, including a premier lineup of basic and advanced devices and an expanded IN Network calling community. Alltel customers also will benefit from advanced services including over-the-air downloadable music from a three-million-song library, and a network that is nationwide, for a uniform coast-to-coast experience. They also will be able to take advantage of industry-leading consumer policies, including Test Drive and Worry Free Guarantee®. “This move 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,” said Lowell McAdam, Verizon Wireless president and chief executive officer. Alltel serves more than 13 million customers in markets in 34 states. This includes 57 primarily rural markets that Verizon Wireless does not serve. The transaction puts the Alltel markets and customers on a path to advanced 4th generation services as Verizon Wireless deploys LTE technology throughout its network over the next several years. Alltel’s customers also will reap the benefits of Verizon Wireless’ Open Development initiative, which welcomes third-party devices and services to use the Verizon Wireless network.Verizon Communications, the owner of the majority stake in Verizon Wireless, expects that the transaction will be immediately accretive, excluding transaction and integration costs. “This is a perfect fit, with Alltel’s high-value post-paid customer base, its solid financials, our common network technology, and significant, readily attainable synergies,” said Ivan Seidenberg, Verizon chief executive officer and chairman of the Verizon board. “Verizon Wireless’ acquisition of Alltel clearly provides opportunities for enhanced value for Verizon shareholders.”Alltel President and Chief Executive Officer Scott Ford will continue in his current position as head of Alltel until the merger is completed. “Both Alltel and Verizon Wireless have long track records of delivering a high-quality customer experience in the marketplace,” Ford said. “The combination of our two companies will continue and improve upon that heritage as, together, we can more quickly deliver an expanded range of innovative products and services to our customers.” Verizon Wireless expects to realize synergies with a net present value, after integration costs, of more than $9 billion driven by reduced capital and operating expense savings. Synergies are expected to generate incremental cost savings of $1 billion in the second year after closing.Alltel and Verizon Wireless both use a common network technology, which provides advantages of a seamless transition for Alltel customers, ease in integrating the two companies’ networks, and scale efficiencies in operating the larger integrated network. Morgan Stanley acted as financial advisor to Verizon Wireless on this transaction and is providing bridge financing. Debevoise & Plimpton LLP acted as legal advisor to Verizon Wireless.Citibank, Goldman Sachs and RBS advised the sellers on the transaction. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Alltel, and Cleary Gottlieb Steen & Hamilton LLP and Ropes & Gray LLP acted as legal advisors to the sellers Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted June 6, 2008 Report Share Posted June 6, 2008 As long as my prices stay the same or go down. I'm all for it. Verizon's towers and network backbone, with Alltel's customer service. Sounds like a win-win for me. Quote Link to comment Share on other sites More sharing options...
magley64 Posted June 6, 2008 Report Share Posted June 6, 2008 that would be HUGE...holy cow Quote Link to comment Share on other sites More sharing options...
RC51 John Posted June 6, 2008 Report Share Posted June 6, 2008 I guess the Verizon guy on the Altell commercial though screw the wizard, I'll just buy your ass. Quote Link to comment Share on other sites More sharing options...
magley64 Posted June 6, 2008 Report Share Posted June 6, 2008 LOL, "come and get YOUR love, chad" Quote Link to comment Share on other sites More sharing options...
tomin40 Posted June 6, 2008 Report Share Posted June 6, 2008 LOL, "come and get YOUR love, chad"Haha, I hate those damn commericials. I can't believe the government is allowing this many cell phone carries to merge, with the recent AT&T/Cingular. Pretty soon, we will have 2 choices: ATT & Verizon. Then they will do a hostile takeover of Washington, and we will hail our new Mobile Overlords. Quote Link to comment Share on other sites More sharing options...
fusion Posted June 6, 2008 Report Share Posted June 6, 2008 Yeah love my Verizon service. Hopefully in the long run this just makes it better. Quote Link to comment Share on other sites More sharing options...
magley64 Posted June 6, 2008 Report Share Posted June 6, 2008 I'm just glad i jumped ship from t-mobile...the only way i'd get a bar of service would be if verizon bought them... Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted June 6, 2008 Report Share Posted June 6, 2008 Monday will be a big day for AT&T, look for apples Keynote on the 3g iPhone. Quote Link to comment Share on other sites More sharing options...
r1crusher Posted June 6, 2008 Report Share Posted June 6, 2008 Maybe....just maybe....VZW will stop fucking with the UI's on the phones and leave alone like Alltel does. I want ALL the features of my phone available to me! Quote Link to comment Share on other sites More sharing options...
fusion Posted June 6, 2008 Report Share Posted June 6, 2008 Maybe....just maybe....VZW will stop fucking with the UI's on the phones and leave alone like Alltel does. I want ALL the features of my phone available to me!This is probably the biggest bitch I've had over the years. It gets old real fast. Quote Link to comment Share on other sites More sharing options...
ninjachk08 Posted June 6, 2008 Report Share Posted June 6, 2008 Yeah love my Verizon service. Hopefully in the long run this just makes it better.i hope.. ive only had bad things happen after companies merge together. Quote Link to comment Share on other sites More sharing options...
Fonzie Posted June 6, 2008 Author Report Share Posted June 6, 2008 Does Verizon allow Sim cards.....'Cause Alltel does not.Also........Been with Alltel since '96-97......Back when it was 360 Communications. You can change your rate plan with them anytime....whethter up or down, and they don't re-start your contract. That's VERY nice. They also give you free mobile to mobile....no matter which network they're on....Also VERY nice. They also give you the "MyCircle" numbers......5-10 or 20 numbers depending on what size plan you've got, that you can call free without counting against your minutes. Does seem though like maybe Verizon gets newer devices sooner, and has better deals/rate plans, but I can't say for sure.BTW.......Whatever happened to the original Sprint dork in the commercials? He's been replaced in this most recent "Wizard" series Quote Link to comment Share on other sites More sharing options...
magley64 Posted June 6, 2008 Report Share Posted June 6, 2008 no sims in verizon...as far as i knew only t-mobile, and cingular did those (was a real quick way to swap phones) Quote Link to comment Share on other sites More sharing options...
ninjachk08 Posted June 6, 2008 Report Share Posted June 6, 2008 true, but verizon has an online back up assistant, so it somewhat does the same as the sim.. but it only saves your contacts..no pics or anything.you can also change your plan at anytime without resigning!! Quote Link to comment Share on other sites More sharing options...
kawi kid Posted June 7, 2008 Report Share Posted June 7, 2008 hopefully less roaming Quote Link to comment Share on other sites More sharing options...
SAMBUSA Posted June 7, 2008 Report Share Posted June 7, 2008 Does Verizon allow Sim cards.....'Cause Alltel does not.Also........Been with Alltel since '96-97......Back when it was 360 Communications. You can change your rate plan with them anytime....whethter up or down, and they don't re-start your contract. That's VERY nice. They also give you free mobile to mobile....no matter which network they're on....Also VERY nice. They also give you the "MyCircle" numbers......5-10 or 20 numbers depending on what size plan you've got, that you can call free without counting against your minutes. Does seem though like maybe Verizon gets newer devices sooner, and has better deals/rate plans, but I can't say for sure.BTW.......Whatever happened to the original Sprint dork in the commercials? He's been replaced in this most recent "Wizard" seriesNow your phone wont suck anymore:slap: Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted June 7, 2008 Report Share Posted June 7, 2008 Haha, I hate those damn commericials. I can't believe the government is allowing this many cell phone carries to merge, with the recent AT&T/Cingular. Pretty soon, we will have 2 choices: ATT & Verizon. Then they will do a hostile takeover of Washington, and we will hail our new Mobile Overlords.yeah except for the thousands of local cell companies smattered across the country. dont forget to add some more foil to your hat while youre at it. Quote Link to comment Share on other sites More sharing options...
Fonzie Posted June 7, 2008 Author Report Share Posted June 7, 2008 Now your phone wont suck anymore:slap:I told you all along it was your phone that sucked yeah except for the thousands of local cell companies smattered across the country. dont forget to add some more foil to your hat while youre at it. I told you guys before........The foil's for the aliens.....NOT the government!! Quote Link to comment Share on other sites More sharing options...
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