Verizon Wireless Completes $5.9 Billion Alltel Acquisition

imageVerizon Wireless (NYSE: VZ) has completed the $5.9 billion purchase of Alltel (NYSE: AT) from Atlantis Holdings LLC. The deal, which was announced back in early June, in what seems like a lifetime before the fall’s credit crisis, has Verizon taking Alltel’s $22.2 billion debt. Aside from managing the debt, the work of integration is the other big job ahead of the two companies. Verizon Wireless will maintain Alltel’s existing GSM networks to handle the roaming needs of GSM carriers’ customers. The final regulatory hurdle to the tie-up was cleared last month, when the FTC said it had no objections to the merger. Before that, the FCC had ordered Verizon to divest business holdings in a total of 105 markets in order to pass antitrust muster. Release