Verizon and Alltel set a date

After a brief engagement, Verizon and Alltel have set a date to finalize the $5.9 billion purchase; January 9, 2009. Seventy-Eight Million subscribers will be the guests at the blessed event putting Verizon about 3 million customers ahead of AT&T, thier closest rival. The deal doesn't come without baggage though, Verizon will assume Alltel's $22.9 billion in debt. Verizon reports that they have recieved commitments from eight financial institutions to provide $17 billion in financing for the deal making this a very expensive ceremony.

Businessweek via

Dieter Bohn