Private Equity Binge Goes Wireless

Goldman Sachs, Texas Pacific Group will buy Alltel for $27.5B
By J. Kelman,  Newser User
Posted May 21, 2007 10:18 AM CDT
Private Equity Binge Goes Wireless
Alltel Corp., employees arrive at one of the buildings at the company's headquarters in Little Rock, Ark., Monday, May 21, 2007, after a pair of investment firms agreed to acquire Alltel , the fifth-biggest U.S. wireless company and owner of the nation's largest geographic network, in a deal worth $24.8...   (Associated Press)

(Newser) – A consortium led by the Texas Pacific Group and Goldman Sachs yesterday snapped up the nation's fifth-largest wireless provider for $27.5 billion, the largest telecom buyout ever. The $71.50 per share offer for Alltel awaits shareholder and regulatory approval and comes weeks before a scheduled auction for the company, which has been seen as a prime acquisition target.

The preemption sparked grumbling in the private equity community, the New York Times Dealbook reports, but Alltel's CEO says the company consulted other potential bidders before signing off. To some, the biggest Alltel shocker is the small ripple it made in the business media. "In these days of mega-buyouts, it’s just one more on the list," writes's John Carney. (Read more private equity stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.