This excerpt taken from the VZ 8-K filed Jan 9, 2009.
NATIONS LARGEST WIRELESS CARRIER
Acquisition Will Expand Most Reliable Wireless Network and Deliver Advanced
Wireless Broadband Network to Millions More Customers Across the United States
BASKING RIDGE, N.J. Verizon Wireless, a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE LSE: VOD), announced today it has completed its purchase of Alltel Corporation, from Atlantis Holdings LLC. Consistent with the terms of the transaction announced on June 5, 2008, Verizon Wireless paid approximately $5.9 billion for the equity of Alltel. Immediately prior to the closing, the Alltel debt associated with the transaction, net of cash, was approximately $22.2 billion
The acquisition expands Verizon Wireless network coverage to approximately 290 million people, nearly the entire United States population, and increases the companys customers by 12.9 million, after conforming adjustments and before required divestitures, making it the largest wireless carrier in the country with more than 83.7 million total customers, based on third quarter 2008 reported results from both companies. Approximately 2.1 million of those total customers are in markets that will be divested by Verizon Wireless in the coming months, as required by the Department of Justice (DOJ) and the Federal Communications Commission (FCC) as a condition of the merger approval.