Private Equity Group to Buy Alltel
RENEE MONTAGNE, host:
Today's Business News starts with another buyout of a major company.
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MONTAGNE: Private equity money is making its largest foray yet into the wireless business. The companies Goldman Sachs and TPG agreed last night to purchase Alltel for more than $27 billion. Alltel is the fifth biggest U.S. wireless company. It covers more area than any the other network, which is more proof that Private equity is increasingly interested in buying out telecom companies. In fact, private equity is gobbling up companies of all flavors these days, thanks to debt-financing markets, which are supporting massive amount of inexpensive debts use for buyouts.
Private Equity firms have announced nearly $400 billion worth of takeovers already this year, including last week's high profile buyout of Chrysler.
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