Alltel acquires more Palmetto MobileNet

[Barry]

Alltel announced it purchased the remaining 50 percent interests in 10 partnerships with Palmetto MobileNet, that it did not already own. The partnerships cover about two million potential customers in North and South Carolina.

Alltel did not disclose the value of the transaction, but CT Communications Inc. said Alltel paid $455 million in cash for the partnerships. CTC holds a 22.4 percent interest in Palmetto and said it will receive around $97 million from the sale.

The purchases give Alltel, which counts 10 million customers in 33 states, a better position as an acquisition target.

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