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Incoming Merger

Discussion in 'Alltel Forum' started by seventhwhite, Jul 8, 2008.

  1. seventhwhite

    seventhwhite New Member

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    My Phone:
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    Has anyone else gotten the notice from Alltel about the Verizon purchase? I'm curious as to what this might bring for current customers. Verizon's coverage is generally better at my house, but Alltel is stronger in town, so would I be able to start picking up Verizon on my phone?

    Any speculation as to what might come of this merger is welcome discussion.
     
  2. cheddar

    cheddar Senior Member
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    There's just not much to inform customers of at this point. Its going to be a few months before anyone gets an idea of what the government's going to do about the proposal. This could *very* easily fall apart before it ever happens.
     
  3. spleck

    spleck Tool
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    Four options:
    1. Deal falls apart - no change to your service.
    2. VZW divests Alltel in your area, you get a new carrier
    3. VZW divests its own network, you become a VZW subscriber with good home coverage, but not in town.
    4. VZW gets to keep both networks and once everything settles, you should have good coverage all around.

    :D That didn't help did it?

    Based on your Zip, Verizon will acquire Alltel's licenses and network in the CMA covering Okaloosa county and keep their own, giving you much better service. VZW is running on 1900 MHz PCS right now, whereas Alltel has an 850 MHz license.

    Areas where Alltel and VZW have the 850 licenses are harder to speculate about--yours should be cut and dry.
     
  4. ta206

    ta206 Junior Member
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    There hasn't been a purchase yet. The offer has been made and now the government gets involved before the paperwork is signed.

    Speculation has been rampant in the cell phone community as to if My Circle goes bye bye, if Verizon leaves Alltel customers alone until their current contract expires, if out of contract customers will be forced into contract with Verizon or not....... but it is all just a guess until the dotted line is signed.

    I'm renewing whatever contracts of mine that I am able until the dreaded V-Day and am keeping spare handsets (in the case of our current ones dying) in hopes that I don't have to switch over to their high-priced, low-minute plans any time soon since I have six lines on my account right now and what I have seen on Verizon's website has put me into sticker shock.
     
  5. spleck

    spleck Tool
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    I believe the letter sent to Alltel customers said they would be able to keep their plans through their contract term. I would anticipate VZW to follow through on that, although once its over you'll probably be forced on to a current plan and not be able to go month-to-month. Of course its not 100%, but I think the odds are in favor.
     
  6. army1

    army1 Banned
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    well said :cool:
     
  7. KyleAndMelissa22

    KyleAndMelissa22 Woot Woot, Splat !!!
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    I haven't seen any notice yet on my Alltel bill or My Account.
    I get my next Alltel bill about July 18.
     
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  8. strunke

    strunke .:|Always Covered|:.
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    If it happens, as far as what happens to you and the network it depends on where you are.

    But overall, there is a chance that we'll lose my circle. But at the least the basic contracts should be grandfathered in.
     
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  9. spleck

    spleck Tool
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    I think Verizon will grandfather myCircle also. It would be easier than dealing with all the defections and upset customers. They've rolled out a similar service for wireline customers, so they're opening to the idea. After the merger, I would not be totally shocked if they roll it out for VZW customers (for an extra monthly fee of course).
     
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  10. every1nosme

    every1nosme New Member

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    obviuosly i'd rather just be able to keep things the way they are but if not i would be willing to pay a small amount,say $5 a line to keep mycircle since this would still allow me to use the number of minutes i use now without having to jump to a much higher plan and overpay for what i currently use now.
     
  11. spleck

    spleck Tool
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    Basically, if you're under contract, you probably won't see any changes to your plan, and only minor changes to service (hopefully only improvements). Once your contract is up though, there won't be any month-to-month available to you--you'll have to choose a new VZW plan, so hope that they have rolled something out by then that compares.

    If they don't provide something comparable to My Circle, then I think some people will be heading to T-Mobile's myFaves (Kyle?) unless they can deal with the limited coverage areas of MetroPCS or Cricket.
     
  12. pc-shark

    pc-shark New Member

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    The following information is a Alltel Press Release which I obtained via the Alltel Wireless Corporate web-site.

    __________________________________

    Verizon Wireless To Acquire Alltel; Will Expand Nation’s Most Reliable Wireless Network




    June 5, 2008

    BASKING RIDGE, N.J., and LITTLE ROCK, Ark. – Verizon Wireless has entered into an agreement with Alltel Corporation and Atlantis Holdings LLC, an affiliate of private investment firm TPG Capital and GS Capital Partners, to acquire Alltel Corporation in a cash merger. Verizon Wireless is a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE and LSE: VOD).

    Under the terms of the agreement, Verizon Wireless 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.

    The parties are targeting completion of the merger by the end of the year, subject to obtaining regulatory approvals.
    Once this transaction closes, customers of both companies will have access to an expanded range of products and services, including a premier lineup of basic and advanced devices and an expanded IN Network calling community. Alltel customers also will benefit from advanced services including over-the-air downloadable music from a three-million-song library, and a network that is nationwide, for a uniform coast-to-coast experience. They also will be able to take advantage of industry-leading consumer policies, including Test Drive and Worry Free Guarantee®.

    “This move will create an enhanced platform of network coverage, spectrum and customer care to better serve the growing needs of both Alltel and Verizon Wireless customers for reliable basic and advanced broadband wireless services,” said Lowell McAdam, Verizon Wireless president and chief executive officer.

    Alltel serves more than 13 million customers in markets in 34 states. This includes 57 primarily rural markets that Verizon Wireless does not serve. The transaction puts the Alltel markets and customers on a path to advanced 4th generation services as Verizon Wireless deploys LTE technology throughout its network over the next several years. Alltel’s customers also will reap the benefits of Verizon Wireless’ Open Development initiative, which welcomes third-party devices and services to use the Verizon Wireless network.

    Verizon Communications, the owner of the majority stake in Verizon Wireless, expects that the transaction will be immediately accretive, excluding transaction and integration costs. “This is a perfect fit, with Alltel’s high-value post-paid customer base, its solid financials, our common network technology, and significant, readily attainable synergies,” said Ivan Seidenberg, Verizon chief executive officer and chairman of the Verizon board. “Verizon Wireless’ acquisition of Alltel clearly provides opportunities for enhanced value for Verizon shareholders.”

    Alltel President and Chief Executive Officer Scott Ford will continue in his current position as head of Alltel until the merger is completed.

    “Both Alltel and Verizon Wireless have long track records of delivering a high-quality customer experience in the marketplace,” Ford said. “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 Wireless expects to realize synergies with a net present value, after integration costs, of more than $9 billion driven by reduced capital and operating expense savings. Synergies are expected to generate incremental cost savings of $1 billion in the second year after closing

    Alltel and Verizon Wireless both use a common network technology, which provides advantages of a seamless transition for Alltel customers, ease in integrating the two companies’ networks, and scale efficiencies in operating the larger integrated network.

    Morgan Stanley acted as financial advisor to Verizon Wireless on this transaction and is providing bridge financing. Debevoise & Plimpton LLP acted as legal advisor to Verizon Wireless. Citibank, Goldman Sachs and RBS advised the sellers on the transaction. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Alltel, and Cleary Gottlieb Steen & Hamilton LLP and Ropes & Gray LLP acted as legal advisors to the sellers.

    # # #

    About Verizon Wireless
    Verizon Wireless operates the nation’s most reliable wireless voice and data network, serving 67.2 million customers. Headquartered in Basking Ridge, N.J., with 69,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications (NYSE: VZ) and Vodafone (NYSE and LSE: VOD). For more information, go to: Cell Phones, Cell Phone Plans, Cell Phone Accessories - Verizon Wireless. To preview and request broadcast-quality video footage and high-resolution stills of Verizon Wireless operations, log on to the Verizon Wireless Multimedia Library at www.verizonwireless.com/multimedia.

    About Alltel
    Alltel delivers voice and advanced data services nationwide to more than 13 million customers. Headquartered in Little Rock, Arkansas. Alltel is a Forbes 500 company with annual revenues of nearly $9 billion.

    About TPG Capital
    TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992 with more than $50 billion of assets under management and offices in San Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth, Menlo Park, Washington, D.C., Melbourne, Moscow, Mumbai, Paris, Luxembourg, Beijing, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, joint ventures and restructurings. TPG Capital’s investments span a variety of industries including media and communications, financial services, travel and entertainment, technology, industrials, retail, consumer and healthcare. Please visit Texas Pacific Group : Home.

    About GS Capital Partners
    Since 1986, Goldman Sachs has raised fourteen private equity and mezzanine investment funds aggregating $69 billion of capital and leverage commitments. GS Capital Partners is the private equity vehicle through which The Goldman Sachs Group, Inc. conducts its privately negotiated corporate equity investment activities. GS Capital Partners is currently investing its GS Capital Partners VI fund. GS Capital Partners is a global private equity group with a focus on large, sophisticated business opportunities in which value can be created through leveraging the resources of Goldman Sachs.

    NOTE: This news release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: materially adverse changes in economic and industry conditions and labor matters, including workforce levels and labor negotiations, and any resulting financial and/or operational impact, in the markets served by us or by companies in which we have substantial investments; material changes in available technology, including disruption of our suppliers' provisioning of critical products or services; the impact of natural or man-made disasters or litigation and any resulting financial impact not covered by insurance; technology substitution; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations; the final results of federal and state regulatory proceedings concerning our provision of retail and wholesale services and judicial review of those results; the effects of competition in our markets; the timing, scope and financial impacts of our deployment of fiber-to-the-premises broadband technology; the ability of Verizon Wireless to continue to obtain sufficient spectrum resources; changes in our accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and the ability to complete acquisitions and dispositions.


    MEDIA CONTACTS:
    Peter Thonis
    212.395.2355
    mailto:peter.thonis@verizon.com

    Jim Gerace
    908.559.7508
    mailto:James.Gerace@verizonwireless.com

    Nancy Stark
    908.559.7520
    mailto:Nancy.Stark@verizonwireless.com

    Andrew Moreau
    501.905.7062
    mailto:Andrew.Moreau@alltel.com

    Vodafone
    Investor Relations +44 (0) 1635 664 447
    Media Relations +44 (0) 1635 664 444
     
  13. bikebryan

    bikebryan Senior Member
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    Why does everyone assume that once their service agreements expire they will be forced to change plans? Alltel currently has untold number of people NOT under contract that are still under moldy old Western Wireless and Midwest Wireless plans. They are only forced to change the plan if they are adding lines and want the new line to share minutes, since they can't add lines to expired rate plans.
     
  14. KyleAndMelissa22

    KyleAndMelissa22 Woot Woot, Splat !!!
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    Well I went to an Alltel store today here in Gaffney to check out some upgrade choices,
    so I can renew my 2-year contract (which expires in September)

    The rep insisted that our plan would be grandfathered, including My Circle,
    and that they wouldn't know anything for six months regarding the merger, wonder why?
    I'll still keep a heads up on grandfathering My Circle, anything could happen.

    I look forward to staying with Alltel, and whatever happens to it,
    T-Mobile's (SunCom) network is not as good as all the others,
    I'm very lucky to have their tower near my backyard.

    Melissa is stuck with T-Mobile in NJ,
    and whenever she comes down here I put her phone on AT&T instead of SunCom,
    but she was told by a T-Mobile rep that AT&T roaming for T-Mobile customers will be ending soon in this area.

    The T-Mobile rep she spoke to a few days ago was at a call center near Charlotte.
    Does that mean she was actually speaking to a former SunCom CS rep, that is now part of T-Mobile?
     
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  15. pc-shark

    pc-shark New Member

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    The Verizon / Alltel merger doesn't in any way suggest that Verizon will shut down Alltel, forcing all of it's subscribers to Verizon. Even in the case of AT&T & Cingular merger, Yes all Cingular stores changed names to AT&T; however current Cingular subscribers experienced no change or modification of there Cingular Wireless service or the price which they were paying for it. I know this because I was a Cingular Wireless subscriber at the time of the AT&T Merger & the only change I had was that when I dialed 611, I heard welcome to AT&T instead of hearing Cingular.

    Always remember that 'NEW Policy' does not under any circumstance constitute a void of the old policy that Alltel subscribers have already agreed to. For it is a legally binding contact and Verizon would be in Breech of Contract if any changes were made to the current service of Alltel subscribers.

    This also includes current prepaid subscribers. Because even though you are not in a 2 yr contract, when you activated your Alltel Prepaid phone it constituted an agreement between you and alltel for month to month service, as described in your prepaid user agreement & Terms of use.
     
  16. spleck

    spleck Tool
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    Because we're talking about VZW. Historically, they only let you go month-to-month on their own plans. For previous mergers/acquisitions they have sent notices to grandfathered plan users requesting customers to select a new plan upon contract expiration. Again, I'm only speculating on what will happen.
     
  17. ta206

    ta206 Junior Member
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    I am trying to remain optimistic about the whole thing since I am a FORMER verizon customer that ran screaming to Alltel several years ago and never intended to ever go back. Dealing with those pompous buttheads again is not high on my list of favorite things to do.

    I think your first line says it all. They are so pumped up on themselves that they gave the word "IN" to mobile - to - mobile calling and we are all supposed to think they invented the concept.

    If they leave me alone with my minutes, MyCircle and my money they can gladly keep "IN" calling with the current Verizon customers in the name of double dipping. I don't know more than 2 Verizon customers anyways - for now :googlyeye

    Sorry for the rant - this just sucks.
     
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  18. Renee987

    Renee987 Junior Member
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    What do you guys think might happen to Alltel's pre-paid plans if the sale goes through?
     
  19. KyleAndMelissa22

    KyleAndMelissa22 Woot Woot, Splat !!!
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    IMO, I think Alltel's prepaid plans will stay as-is.

    Although Verizon could still do some minor changes,
    but overall I think they'll remain about the same.
     
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