AT&T Near $2.5 Billion Deal to Buy Most Alltel Assets

Friday, May 8, 2009  |  Updated 3:15 PM CDT
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AT&T is reportedly near a deal to buy most of Verizon's Alltel divestitures for $2.5 billion, CNBC has learned from sources close to the situation.

The assets are divided into 24 geographical clusters, 18 of which will be purchased by AT&T (NYSE: t).

The remaining six clusters are still being sought by private equity firms and U.S. Cellular.

The assets include 2.1 million former Alltel subscribers across 22 states.  The clusters are being sold for 5 times Ebitda.

Verizon (NYSE: vz) was required to divest some of the properties when it acquired Alltel early this year.

Verizon bought Alltel for $28.1 billion in January and surpassed AT&T as the biggest U.S. mobile service when it did.

For more stories from CNBC, go to cnbc.com.

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