WASHINGTON, D.C.-Antitrust regulators have given their blessing to Alltel Corp’s spin off of its wireline business.
Alltel announced in early December that it would spin off its wireline operations, merging them with Texas-based Valor Communications Group Inc. in a $9.1 billion transaction. The move will make Alltel a pure wireless player.
The Federal Trade Commission also granted the company early termination of the required waiting period this week.
Alltel shareholders will own 85 percent of the new wireline company, which will be based in Arkansas. Alltel anticipates $40 million a year in savings from the spin-off.
