FCC Approves Sale of Alltel to Private Investors

posted Oct 29, 2007, 7:48 AM

The FCC removed the last potential roadblock that might have prevented private equity firms TPG Capital and GS Capital Partners from completing their purchase of Alltel by approving the sale. The sale, valued at $24.7 billion, amounts to $71.50 in cash per share for shareholders. The FCC did cap the amount of money the new owners will receive, however, until they prove that operational reforms are underway. The deal will close by November 22.

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