Alltel Corp. shareholders approved a $24.7 billion leveraged buyout by Goldman Sachs Group Inc. and private-equity firm TPG Inc. in the fifth-largest U.S. acquisition announced this year.
Shareholders cast 97 percent of votes in favor of the deal, which will pay investors $71.50 for each share, Alltel said today in a statement. The Little Rock, Arkansas-based company provides phone service in 35 states, mostly in rural areas. Including debt, the buyout is valued at $27.5 billion.
The purchase will close this year, pending U.S. Federal Communications Commission approval, the company said.