Alltel Completes Sale to TPG Capital, GS Capital Partners

Alltel today announced that it has completed the closing of its merger with an affiliate of TPG Capital and GS Capital Partners (GSCP). Holders of Alltel common stock will receive $71.50 per share in cash under the terms of the merger agreement, which was adopted by Alltel shareholders at a special meeting on August 29, 2007.

As a result of the transaction, Alltel’s stock will cease trading on the New York Stock Exchange at close of market today.

“This transaction delivers substantial value to our shareholders, and we want to thank them again for their support through the years,” said Scott Ford, Alltel’s president and chief executive officer.

Alltel operates America’s largest wireless network, which delivers voice and advanced data services nationwide to more than 12 million customers. Headquartered in Little Rock, Ark., Alltel is a Forbes 500 company with annual revenues of nearly $8 billion. For more information, please visit www.alltel.com.

Alltel, NYSE: AT

Contacts

Alltel
Andrew Moreau, 501-905-7962
Vice President – Corporate Communications
andrew.moreau {at} alltel(.)com
or
Tim Hicks, 501-905-8991
Director – Investor Relations
alltel.investor.relations {at} alltel(.)com