US mobile firm bought for $27.5bn
May 21, 2007 1:15am CST
US mobile phone network Alltel has agreed to be bought by TPG Capital and Goldman Sachs for $27.5bn (£14bn). In what will become one of the largest ever private equity takeovers, TPG and Goldman Sachs are paying $71.50 per Alltel share. This is a 10% premium over Alltel's Friday closing price of $65.21. Based in Little Rock, Arkansas, Alltel's mobile phone network covers a total 35 US states - the largest geographic reach in the country.