Alltel Completes Western Merger

Alltel completes its $6.5B merger with Western Wireless

August 1, 2005

1 Min Read

LITTLE ROCK, Ark. -- Alltel (NYSE: AT) today announced it has completed its $6.5 billion merger with Western Wireless Corporation, further expanding its 850 MHz wireless business to serve 10 million domestic customers in 34 states. The merger increases Alltel's wireless revenue mix to nearly 70 percent and expands the company's wireless operations into nine new states. The company also will be the leading roaming partner in its markets for the top four national wireless providers.

"This is a growth story that benefits our customers, shareholders and employees," said Alltel President and CEO Scott Ford. "This merger gives us significant opportunities to expand our wireless business while maintaining our financial flexibility and strong balance sheet."

In aggregate, Alltel will issue approximately 54.3 million shares of common stock and pay $933.4 million in cash for Western Wireless. Alltel also will assume estimated net debt of $2.1 billion.

"This merger adds wireless properties that will contribute to our long-term growth," Ford said. "Alltel's wireless business now will cover more than 50 percent of the continental United States with assets that are complementary both geographically and technologically. We have greater ability to grow our customer base and offer multiple technologies to support our roaming partners."

Alltel Corp.

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