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ALLTEL Corporation was founded in 1983 through the merger of Allied Telephone and Mid-Continent Telephone. ALLTEL Communications Inc is the communications business unit of ALLTEL Corporation. ALLTEL owns subsidiaries that provide wireless and wireline local, long-distance, network access and Internet services. At the end of 2005, the company had more than 15 million customers in 36 states.
In December 2005, ALLTEL's directors approved the spin-off of its wireline telecommunications business to its
stockholders and the merger of that wireline business with Valor Communications Group Inc. ALLTEL's operations will
consist solely of its wireless business following the completion of the spin-off, which is expected to occur by mid-2006.
Upon completion of the merger, ALLTEL stockholders will own around 85% of the outstanding equity interests of the
surviving corporation and the stockholders of Valor will own the remaining 15% of such equity interests. In January
2006, ALLTEL received antitrust clearance from the Federal Trade Commission to spin off its wireline operations and
merge the business with Valor.
During 2005, ALLTEL accelerated its wireless growth with the completion of transactions with PSC Wireless, US Cellular
and Cingular Wireless. The company also completed its merger with rival rural wireless operator, Western Wireless.
At the end of 2005, ALLTEL claimed to be the nation's fifth-largest wireless carrier with more than 10.6 million wireless
customers.
ALLTEL common stock is traded on the New York and Pacific Stock Exchanges.
