LITTLE ROCK, Arkansas, United States—Alltel said it will buy all of CenturyTel’s wireless properties for US$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As part of the deal, Alltel said it has withdrawn its offer to merge with CenturyTel and signed a one-year standstill agreement.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.
Additional consolidation in the U.S. market is expected once the spectrum cap is lifted at the end of the year.
