Verizon bets the house on wireless
Verizon is betting its planned purchase of Alltel will keep growth at its Verizon Wireless unit humming along. The giant telco better be right, because it is borrowing a huge sum to make the deal happen.
The owner of the nation’s No. 2 wireless shop, Verizon agreed Thursday to buy No. 5 wireless player Alltel. Verizon shares rose 5% on the announcement, as the company and analysts pointed to the favorable price Verizon was able to get for its smaller rival. The deal would make Verizon the nation’s largest wireless carrier.