Verizon wants to buy Alltel, create incestuous major carrier

What would you do with $27 billion? If your name is Verizon Wireless, it seems the answer is acquire rival Alltel. According to CNBC Verizon is “deep in talks” to acquire Alltel. The price currently being batted around is $27 billion, which is about equal to the GDP of Latvia. Alltel was recently purchased for $27.5 billion by private investment firms TPG and Goldman Sachs, and two sales in under 12 months is not a great sign. That said, given the current economic downward spiral it’s not the worst bidding price Alltel could have commanded. While there’s no word on exactly when this transaction might be finalized, we all know what “deep in talks” means, right? 

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Tags: Alltel, cnbc, verizon wireless