Alltel Completes Wireless Property Exchange to Meet Divestiture Requirements
Posted on: Tuesday, 20 December 2005, 15:00 CST
Alltel (NYSE: AT) today completed a wireless property exchange with U.S. Cellular of Chicago, fulfilling a substantial portion of the divestiture requirements related to Alltel's merger with Western Wireless Corp. Alltel acquired two Rural Service Area (RSA) markets in Idaho and received $50 million in cash in exchange for 15 rural markets in Kansas and Nebraska owned by Western Wireless. The exchange agreement was reached Sept. 13. The U.S. Department of Justice ordered Alltel to sell the Kansas and Nebraska markets as a condition of the Western Wireless merger.
Alltel retained ownership of the Lincoln, Neb., market owned by Western Wireless. The company also retained ownership of all the properties in Kansas and Nebraska that it operated prior to the merger with Western Wireless.
The two markets Alltel acquired include 22 counties in southern and eastern Idaho adjacent to the company's operations in the state.
The financial and legal advisers for Alltel in the transaction were Daniels & Associates L.P. and Kutak Rock LLP.
Alltel is a customer-focused communications company with more than 15 million customers in 36 states and nearly $10 billion in annual revenues.
Alltel, NYSE: AT
www.alltel.com
Source: Business Wire
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