This excerpt taken from the VZ 8-K filed Jan 9, 2009.
Verizon Wireless expects to realize synergies with a net present value, after integration costs, of more than $9 billion, driven by aggregate capital and operating expense savings.
Verizon Wireless used a combination of cash generated from operations, Alltel cash, proceeds from capital markets transactions, and borrowings from lenders under credit facilities, including the borrowing, immediately prior to the acquisition, of $12.35 billion under a new 364-day credit facility, to purchase the equity of Alltel and to acquire and repay Alltels debt. Following the completion of a series of financing transactions later today, Alltel and its subsidiaries will have reduced the debt that is owed to third parties to approximately $2.7 billion, which is expected to decline further to approximately $2.5 billion within the next 30 days.
Verizon Wireless announced its agreement, subject to regulatory approval, to acquire Alltel in June 2008. The DOJ approved the transaction in October and the FCC approved it in early November.