Alltel to Spin Off Wireless Business

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Alltel Corp. on Friday said it plans to become a pure wireless company by spinning off its wireline business and merging those operations with Valor Communications Group Inc. in a deal worth about $4.9 billion plus debt.


Including $4.2 billion in assumed Alltel debt, the total transaction is valued at about $9.1 billion, based on Valor’s closing stock price from Thursday.


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