ALLTEL, Western Wireless Complete Merger

ALLTEL said today it has completed its $6.5 billion merger with Western Wireless Corp.

ALLTEL is issuing approximately 54.3 million shares of common stock and paying $933.4 million in cash for Western Wireless. ALLTEL also will assume estimated net debt of $2.1 billion.

Through the Western Wireless acquisition, ALLTEL is gaining about 1.4 million wireless customers in 19 states. That will give the company about 10 million wireless customers in 33 states, ALLTEL and Western Wireless said in January when the planned merger was announced.

ALLTEL also is adding 1.6 million international customers in six countries, but will continue the talks started by Western Wireless to sell its Austrian operations. Western Wireless in late July also said it will sell its Irish assets.

Meanwhile, ALLTELs executives are keeping their jobs as the company adds some Western Wireless leaders in positions it deems appropriate. ALLTEL will keep more than 600 jobs in Washington state and says it will continue operating the Manhattan, Kan., call center, and will retain most key jobs across the Western Wireless footprint.

ALLTEL also is creating 130 new jobs at its Little Rock, Ark., headquarters.