Alltel Acquisition

Washington, DC: (Nov-18-07) The federal government brought charges against wireless carrier Alltel Corp., alleging that the company violated conditions of a recent acquisition. The charges filed by the Federal Communications Commission and the Justice Department concerned the divestitures required by the agencies as part of Alltel's more than $1 billion acquisition of Midwest Wireless in 2006. Sources claimed that as part of a settlement, Alltel agreed to pay out not more than $1.5 million to resolve allegations. In May 2007, Alltel agreed to be bought out for $24.7 billion by Fort Worth, Texas-based TPG Capital, formerly Texas Pacific Group, and GS Capital Partners, a subsidiary of Goldman Sachs. [CNN NEWS: ALLTEL ACQUISITION]

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Published on Nov-19-07