Stephens buys $11 million in Alltel Corp. stock.
The Stephens family and Stephens companies own about 11 million shares, or 3.6 percent, of the Little Rock-based telecommunications firm's total outstanding shares. Those shares, worth $709 million, and other holdings place the Stephens family fourth on Arkansas Business' list of the state's top stockholders.
Alltel announced last week that it will spin off its wireline business and merge it with Valor Communications of Irving, Texas, in deal valued at $9.1 billion.
Under the terms of the deal, current Alltel shareholders will continue to own 1 share of Alltel and also will receive 1.05 shares of Valor stock for each share of Alltel they own.
A spokesman for Stephens has not responded to a request for comment on the stock purchases or the Alltel deal.
The Stephens family's late patriarch, Jack Stephens, helped found the company that is now Alltel.