Verizon buys Alltel
Alltel is the fifth largest US cell phone operator, is strong in rural areas
Verizon Wireless has said that it is buying Alltel in a deal worth $28.1bn making it the largest cell phone network in the US, overtaking AT&T wireless.
Verizon Wireless - which is 45% owned by Vodafone - is paying $5.9bn for the firm and taking on $22.2bn of debt.
The deal comes about seven months after Alltel was bought by TPG Capital and GS Capital Partners for $27.5bn.
The combined company would have more than 80 million subscribers, with Alltel focused mainly in rural areas.
more at bbcnew.com business
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