Marvellous, innit, how this:
“There is no deal at this time. It is premature.”
Can become this:
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.
In less than 24 hours.
The suspicion, of course, is that, under pressure from Vodafone, Verizon has been looking at just such radical expansion of their joint mobile venture since before Goldman Sachs and TPG agreed to buy Alltel this time last year.
What a difference a Crunch makes.
Related links
Verizon Wireless To Acquire Alltel; Will Expand Nation’s Most Reliable Wireless Network - Verizon Wireless statement
Verizon in talks to buy Alltel - FT story
Earlier Vodafone statement
Vodafone and Verizon - The nitty-gritty - FT Alphaville series
