Alltel Announces Acquisition by Private Equity Groups

TPG Capital Partners (formerly Texas Pacific Group) and Goldman Sachs
Capital Partners along with Alltel have
announced that the wireless company has agreed to be acquired for
$71.50 per share of common stock (a 23% premium over the closing stock
price last Friday) representing a total price of $27.5
billion for the company split between both private equity firms
including all outstanding debt held by Alltel.

The acquisition is stated to be completed between the fourth quarter of
this year all the way to the first quarter of 2008 pending regulatory
approvals from the SEC and the Department of Justice as well as
shareholder approval.

Press Release