The Federal Communications Commission on Friday approved a $24.7 billion buyout of Alltel Corp., the nation's fifth-largest wireless carrier, to a private investment group.
The agency approved the transfer of licenses held by Alltel to Atlantis Holdings LLC, a holding company consisting of TPG Capital, formerly Texas Pacific Group, and GS Capital Partners, a subsidiary of Goldman Sachs.
Alltel said in a news release that it expects the deal to close before Nov. 22.
When announced last spring, the agreement called for the two investment firms to acquire all outstanding common stock of Alltel for $71.50 per share in cash.
Little Rock-based Alltel provides wireless voice and data services to more than 12 million customers in 36 states. The company's specialty is service to rural areas.
In announcing the approval, the agency said the transaction would not hurt competition in the mobile telephone market. It also noted the transaction will provide Alltel with fresh capital which will lead to deployment of advanced wireless services.
Read tomorrow's Arkansas Democrat-Gazette for full details.