ALLTEL To Buy About 600,000 Local Telephone Lines in Kentucky; Purchase Expands Scale and Scope of Communications Business.Business Editors NOTE TO MEDIA: Graphic is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com and at www.newstream.com LITTLE ROCK, Ark.--(BUSINESS WIRE)--Oct. 31, 2001 ALLTEL (NYSE NYSE See: New York Stock Exchange :AT) today announced an agreement to purchase local telephone properties serving about 600,000 customers in Kentucky from Verizon Communications
Verizon Communications, Inc. Inc. for $1.9 billion in cash. The transaction is expected to close in the second half of 2002. ALLTEL expects the transaction to be accretive to earnings per share in the first full year of operations. "This transaction will improve our earnings growth and continue our balanced approach of expanding ALLTEL's wireline and wireless businesses," said Joe Ford, ALLTEL's chairman and chief executive officer. Under the agreement, ALLTEL will add about 600,000 access lines in Kentucky, increasing the company's total local telephone lines by about 25 percent to more than 3 million. ALLTEL currently provides wireless, wireline and long-distance service to more than 40,000 communications customers in Kentucky. The new wireline properties will overlap ALLTEL's wireless service in northeastern Kentucky. "The transaction continues our strategy of expanding the scale and scope of our communications business in markets with potential for selling additional features and services, including bundling our long-distance service with local telephone access," said Scott Ford Founding bassist for LA supergroup Camp Freddy. Current bassist for The Twilight Singers. Scott Ford hosts a 3 hour show on Internet Radio Station Little Radio on Thursdays. , ALLTEL's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . ALLTEL will hold its previously scheduled conference call at 7:30 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. on Thursday, Nov. 1, to announce the company's third-quarter earnings results during which ALLTEL will discuss this acquisition. Interested parties can access the call by dialing 877-493-2983 five minutes prior to the start time. A replay of the call will be available beginning at 10:30 a.m. CST on Nov. 1, and ending at midnight CST on Nov. 3. The replay can be accessed by calling 800-642-1687, passcode 2115217. ALLTEL, with more than 10 million communications customers and more than $7.5 billion in annual revenues, is a leader in the communications and information services See Information Systems. industries. ALLTEL has communications customers in 24 states and provides information services to telecommunications, financial and mortgage clients in 55 countries and territories. The company claims the protection of the safe-harbor for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs and assumptions and are not guarantees of future events and results. Actual future events and results may differ materially from those expressed in these forward-looking statements as a result of a number of important factors. Representative examples of these factors include (without limitation) rapid technological developments and changes in the telecommunications and information services industries; ongoing deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. (and the resulting likelihood of significantly increased price and product/service competition) in the telecommunications industry as a result of the Telecommunications Act There are several laws named the Telecommunications Act
ALLTEL, NYSE: AT www.alltel.com Note: A graphic is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.103101/bb10 |
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