LITTLE ROCK, Ark.—Alltel this morning said it will buy all of CenturyTel’s wireless properties for $1.65 billion cash. Alltel said the deal will bring it more than 700,000 new customers in markets including Arkansas, Louisiana, Michigan, Mississippi, Texas and Wisconsin, bringing Alltel’s total wireless customers to 7.4 million in 24 states.
The transaction is expected to close in the third quarter.
As part of the deal, Alltel said it has withdrawn its offer to merge with CenturyTel and signed a one-year standstill agreement. CenturyTel has agreed to dismiss its lawsuit against Alltel.
