WSJ: Vodafone-Bell Atlantic in Talks With Alltel
NEW YORK (Reuters) - The wireless-phone joint venture between British Vodafone AirTouch Plc (VOD.L) and Bell Atlantic Corp (NYSE:BEL - news) is in discussions with Alltel Corp (NYSE:AT - news) to swap wireless systems valued at more than $3 billion, according to the Wall Street Journal's Tuesday edition.
The two sides continued negotiations into Monday night and those familiar with the situation said they were close to a deal, the Journal said.
The proposed deal included a cash component as well as a significant ``roaming' agreement that would allow customers to travel between the companies' networks, the newspaper reported.
Alltel, based in Little Rock, Arkansas, was expected to acquire wireless licenses in the Phoenix and Albuquerque markets, which were contiguous to its core wireless areas under the deal, the paper said.
The Bell-Vodafone venture would receive a license in the Las Vegas market, the Journal reported.
None of the companies would comment on the proposed deal, the Journal said.
Bell Atlantic, which is in the midst of acquiring GTE Corp, must shed overlapping wireless assets in order to gain regulatory approval for its alliance with Vodafone, the Journal said.
The combination of Vodafone, GTE and Bell Atlantic licenses would create the largest wireless network in the United States, eclipsing those operated by AT&T Corp.(NYSE:T - news) and Sprint Corp. (NYSE:FON - news)
But wireless operators are prohibited from holding multiple licenses in a given market. The new Bell Atlantic-Vodafone would have to shed licenses in 96 markets, the paper said. |
