Verizon's Acquisition of Alltel Passes Final Hurdle

The Federal Communications Commission (FCC) has approved Verizon's proposed acquisition of Alltel, which will create the largest mobile phone provider in the United States.

This deal already has the approval of the Justice Department, so the two parties are now free to move ahead.

Under the terms of the agreement, Verizon is going to pay $5.9 billion for its rival, and assume $22.2 billion of Alltel debt.

Government regulators are requiring the combined company to honor Alltel's roaming agreements for four years and sell assets in 100 markets across 22 states.

With the approval process now behind it, Verizon and Alltel intent to move ahead with this deal as quickly as possible.

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Via Associated Press