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| Fri, Nov. 21, 2008 |  |
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UPDATE: Alltel CEO to address news media Thursday, Jun 5, 2008 LITTLE ROCK - Alltel CEO Scott Ford will address the media at 2 this afternoon about Verizon's proposed purchase of Alltel, a company spokesman says. Additionally, Gov. Mike Beebe plans to release a statement on the sale later this afternoon, Beebe's spokesman Matt DeCample said. The two companies have yet to discuss what ramifications the merger would have on Alltel's corporate headquarters in Little Rock, where roughly 3,000 people are employed. "People are kind of excited and a little bit nervous because it's a pretty big change and people don't really konw what for sure is going to happen," said an employee at Alltel's corporate headquarters who asked to remain anonymous. A Verizon spokeswoman said plans for Alltel's corporate headquarters in Little Rock would be announced later today. Verizon's national headquarters are in New Jersey. The company has a corporate office for the Central Texas region, of which Arkansas is a part, in Louisville, Texas. Attitudes are positive among officials at the Arkansas Economic Development Commission and the Little Rock Regional Chamber of Commerce. "Verizon's a wonderful company," AEDC spokesman Joe Holmes said. "From what we're reading, it's huge, fast growing, and we hope there's a lot of opportunity in this." Holmes said AEDC officials have not spoken with Verizon officials. Little Rock Regional Chamber of Commerce president Jay Chesshir said he was optimistic jobs would be preserved in Arkansas because of the talented employees at Alltel. Verizon will acquire the equity of Alltel for approximately $5.9 billion. Based on Alltel's projected net debt at closing of $22.2 billion, the aggregate value of the transaction is $28.1 billion. "Both Alltel and Verizon Wireless have long track records of delivering a high-quality customer experience in the marketplace," Ford said in a prepared statement. "The combination of our two companies will continue and improve upon that heritage as, together, we can more quickly deliver an expanded range of innovative products and services to our customers." Verizon CEO Ivan Seidenberg said the merger was a perfect fit, citing Alltel's "high-value post-paid customer base, its solid financials, our common network technology, and significant, readily attainable synergies." |
