Alltel completes its sale to TPG Capital, GS Capital Partners

Company goes private for $27.5 billion

By Brad Reed , Network World , 11/19/2007

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Alltel completed its sale to an affiliate of TPG Capital and GS Capital Partners last week, thus paving the way for the company to go private.

Alltel, a wireless carrier based in Little Rock, Ark., that serves over 12 million customers, first agreed to be bought out by PG Capital and the private equity division of Goldman Sachs Group last May for $27.5 billion. The merger agreement was adopted by Alltel’s shareholders in August, with each shareholder receiving $71.50 per share in cash in compensation.

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“This transaction delivers substantial value to our shareholders, and we want to thank them again for their support through the years,” says Scott Ford, Alltel’s president and CEO.

Alltel is the second big telecommunications provider to take its business public within the last month. In October, VoIP provider Avaya finalized its merger with two private equity firms, Silver Lake and TPG.