Fergie's Tech Blog

Alltel Completes Western Deal

Via Red Herring.

Alltel said on Monday it had completed its $933.4-million acquisition of Western Wireless and is pursuing negotiations to sell Western’s Austrian assets and other assets outside the United States.

The rural telephone company will issue 54.3 million shares and pay $933.4 million in cash for Western, as well as assume net debt of $2.1 billion from Western.

The Little Rock, Arkansas-based company also commenced a cash tender offer to purchase the outstanding 9.25 percent senior notes issued by Western that are due in 2013.

On Friday, Western Wireless shareholders approved the deal with Alltel, creating the fifth-largest cell phone company in the U.S. The combined company will have $10 billion in revenue and 10 million wireless customers in 34 states.

posted by Fergie @ 8/01/2005 12:24:00 PM