Verizon Wireless may be in the midst of acquiring rival Alltel, according to a report on CNN Money. As they state, this deal if completed would create the largest mobile phone carrier in the U.S., which would be a huge challenger for AT&T.
According to sources cited by The Wall Street Journal, the deal could be worth $27 billion. The delicate negotiations involve multiple financiers, including private equity firm TPG Capital and the group of banks which supported Alltel's $27.5 billion buyout last year.