Alltel shareholders agree to company's acquisition by private investment firms

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Alltel Corp. shareholders voted to approve the company's purchase by TPG Capital and GS Capital Partners at a special meeting on Aug. 29.

Approximately 97% of votes cast were in favor of the deal, representing about 73% of the total shares outstanding and entitled to vote, a company news release stated.

Alltel shareholders will receive $71.50 per share in a transaction valued at about $27.5 billion and slated to close in the fourth quarter.

The transaction still requires approval from the Federal Communications Commission.

"I'm very pleased to receive such strong shareholder support for this transaction," Alltel president and chief executive officer Scott Ford said in the release.

"While the company is waiting to hear from the FCC more definitively on the timing of its approval process, we expect to receive a favorable FCC vote in time for the transaction to close by year-end."

Alltel is owner and operator of the nation's largest wireless network and has 12 million wireless customers.

It was previously reported that Alltel intended to pay its regular quarterly common share dividend until the deal closes. Ford will continue to lead Alltel, which is based in Little Rock, Ark.

TPG Capital is the global buyout group of TPG, a private investment firm with offices worldwide, including in San Francisco, London, Hong Kong and New York. GS Capital is the private equity vehicle of the Goldman Sachs Group, Inc.

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