Verizon to buy Alltel for $28.1 billion

BASKING RIDGE, N.J., June 5 (UPI) -- U.S. telecommunications giant Verizon Wireless said Thursday it would buy regional wireless company Alltel Corp. and Atlantis Holding LLC for $28.1 billion.

The purchase price includes Verizon absorbing $22.2 billion of Alltel's debt, a company statement said.

The purchase is "a perfect fit, with Alltel's high-value post-paid customer base, its solid financials, our common network technology," Verizon Chief Executive Officer Ivan Seidenberg said in a statement.

The deal propels Verizon into a stronger position in its rivalry with AT&T. The addition of 13 million customers would boost Verizon's customer base to 80 million, while AT&T, currently the largest U.S. wireless carrier, has 71.4 million customers, The Wall Street Journal reported.