Verizon and AT&T have been neck and neck for the right to call themselves America’s largest carrier, but on January 9th there will be one clear leader. Verizon has announced that their purchase of Alltel, the fifth largest telecom in the United States, will close on January 9th. The merger will bring Verizon’s total share of the market to a whopping 85.2 million wireless subscribers.
The deal includes paying $5.9 billion for Alltel’s privately held equity, as well as assuming $22.2 billion in debt. To finance this massive purchase Verizon Wireless has received commitments from eight financial institutions to provide $17 billion of cold, hard liquidity. It looks like the Verizon ‘can you hear me now’ guy will be working overtime to check up on all his new customers.