Alltel Buyout
By: Lisa Brence
Updated: May 21, 2007
Little Rock-based Alltel has been bought out.
The $27 billion deal was reached between Alltel and two private equity firms. At a news conference Monday afternoon, Alltel officials announced that T.P.G. Capital LLC and G.S.Capital Partners will acquire all of the companys 345 million shares.
At the press conference, Altell C.E.O. Scott Ford made it clear that the shareholders are happy, and he was quick to point out that its likely all of Arkansass 3,000 employees will keep their jobs.
But some financial analysts say the deal may still have some drawbacks. Private equity firms often look to make a company more efficient. One analyst says an easy area for Alltel to cut, could be charitable contributions to the community.
