Verizon and Alltel get the go-ahead from FTC

Verizon has been singing, “Give me the green light… I’m ready to go right now,” as its Alltel acquisition has finally been given the official go ahead. After receiving approval from the FCC, Verizon has finally been given the green light by the Federal Trade Commission as well. The FTC has decided to remove the biggest speed bump to the deal, its antitrust review. Although the $5.9 billion dollar merger will make Verizon and Alltel the largest wireless provider in the US combined, the FTC didn’t think there would be any antitrust issues (Verizon is, after all, divesting 100 markets in the US to comply with the FCC). Now after receiving the seal of approval from the FCC, Justice Department and FTC, Verizon is hoping to finalize the deal by late this year or early next year. Verizon surely has its work cut out for it as it’s forking over that $5.9 billion and taking on Alltel’s $22.2 billion in debt – but hey, at least Big Red can claim to be the largest network in the country now.

[Via Phonescoop]

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