Shortly after giving up on the T-Mobile USA merger, AT&T announces it will acquire Alltel Corp for $780 million.
AT&T says it will acquire Alltel Corp's spectrum for $780 million in cash, Business Wire reports.
The wireless carrier signed an agreement with Atlantic Tele-Network Inc, which operates under the Alltel name in the United States, to gain Alltel's licenses, networking hardware, retail stores, and about 585,000 of its 4.6 million subscribers.
"We are pleased that AT&T recognizes the value of our U.S. wireless retail operations and is acquiring these assets," Alltel CEO Michael T. Prior says in a statement. "Alltel's customers will benefit from access to a nationwide 4G network, a larger device selection, additional retail locations and a broader range of product offerings.”
The acquisition is being reviewed by the Federal Communications Commission and the Department of Justice with an answer expected halfway into the 2013.