LAWFUEL – The Law News Wire – TPG Capital and GS Capital Partners announced on May 20 an agreement to acquire Alltel Corp. for $71.50 in cash per share, or approximately $27.5 billion (including debt), which represents a 23% premium over Alltel’s closing share price prior to December 2006 media reports of the potential deal. The closing is currently expected to occur by the end of 2007 or by the first quarter of 2008.
Alltel is owner and operator of the nation’s largest wireless network and has 12 million wireless customers.
Long-time Cleary Gottlieb client TPG Capital is the global buyout group of the Texas Pacific Group, a leading private investment firm with more than $30 billion of assets under management. GS Capital Partners is The Goldman Sachs Group, Inc.’s private equity vehicle.