M&A Deal Summary

Verizon Acquires Alltel

On June 4, 2008, Verizon acquired communications company Alltel from TPG Global and Goldman Sachs Merchant Banking for 28.1B USD

Acquisition Highlights
  • This is Verizon’s 5th transaction in the Communications sector.
  • This is Verizon’s 2nd largest (disclosed) transaction.
  • This is Verizon’s 6th transaction in the United States.
  • This is Verizon’s 1st transaction in Arkansas.
Investment Fate
  • Alltel was divested to a consortium of strategic buyers in 2009.

M&A Deal Summary

Date 2008-06-04
Target Alltel
Sector Communications
Buyer(s) Verizon
Sellers(s) TPG Global
Goldman Sachs Merchant Banking
Deal Type Add-on Acquisition
Deal Value 28.1B USD
Advisor(s) Wachtell, Lipton, Rosen & Katz LLP (Legal)

Target

Alltel

Little Rock, Arkansas, United States
website
Alltel Corp. is an owner and operator of a wireless network and has approximately 12 million wireless customers, both individuals and businesses. Alltel owns a majority interest in wireless operations in more than 100 metropolitan service areas and a majority interest in more than 200 rural service areas.

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Buyer(S) 1

Buyer

Verizon

New York, New York, United States

website


Category Company
Founded 1983
Sector Communications
Employees130,100
Revenue 128.3B USD (2020)
DESCRIPTION
Verizon storefront in New York City.
Verizon storefront in New York City.

Verizon is a provider of communications, information, and entertainment products and services to consumers, businesses and governmental agencies. Verizon offers voice, data and video services and solutions on wireless and wireline networks that are designed to meet customers’ demand for mobility, network connectivity, security and control. Verizon dates back to 1983 and is based in New York City. Verizon was founded in 1983 and is based in New York, New York.


DEAL STATS #
Overall 6 of 34
Sector (Communications) 5 of 13
Type (Add-on Acquisition) 4 of 28
State (Arkansas) 1 of 1
Country (United States) 6 of 32
Year (2008) 1 of 1
Size (of disclosed) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-30 Rural Cellular

Alexandria, Minnesota, United States

Rural Cellular Corporation provides wireless communication services under the Unicel brand to Central, Midwest, Northeast, South and Northwest territories located in 15 states.

Buy $2.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-01-09 Alltel

Little Rock, Arkansas, United States

Alltel Corp. is an owner and operator of a wireless network and has approximately 12 million wireless customers, both individuals and businesses. Alltel owns a majority interest in wireless operations in more than 100 metropolitan service areas and a majority interest in more than 200 rural service areas.

Sell -

Seller(S) 2

SELLER

TPG Global

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 135.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 54 of 237
Sector (Communications) 8 of 14
Type (Add-on Acquisition) 23 of 86
State (Arkansas) 1 of 2
Country (United States) 39 of 176
Year (2008) 5 of 9
Size (of disclosed) 1 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-07 Albireo

Boston, Massachusetts, United States

Albireo is a rare disease company focused on the development of novel bile acid modulators to treat pediatric and adult liver diseases. Albireo’s lead product, Bylvay, was approved by the U.S. FDA as the first drug for the treatment of pruritus in all types of progressive familial intrahepatic cholestasis (PFIC), and in Europe for the treatment of PFIC. Bylvay is also being developed to treat other rare pediatric cholestatic liver diseases with a completed Phase III trial in ALGS, an ongoing Phase III study in biliary atresia, as well as Open-label Extension (OLE) studies for PFIC and ALGS. The company has also completed a Phase I clinical trial for A3907 to advance development in adult cholestatic liver disease, with IND-enabling studies progressing with A2342 for viral and cholestatic liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-22 Bank Thai Public Company Limited

Thailand

Bank Thai Public Company Ltd. provides various financial and banking services for corporate and individual customers in Thailand.

Sell -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 17 of 107
Sector (Communications) 5 of 8
Type (Add-on Acquisition) 2 of 35
State (Arkansas) 1 of 1
Country (United States) 10 of 76
Year (2008) 1 of 1
Size (of disclosed) 1 of 31
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-15 Lanx

Broomfield, Colorado, United States

Lanx is a medical device company that develops and markets innovative surgical implants and biological products for use in spinal surgery. Lanx was founded in 2003 and is based in Broomfield, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-08-01 The Xella Group

Duisburg, Germany

The Xella Group is an international solution providers in the field of building and insulation materials. Xella is the parent company of such well-known brands as Ytong, Silka, Hebel, and Multipor, and is one of the pioneers in digitally supported construction processes with its digital planning service blue.sprint.

Buy €1.6B