Alltel has said it has signed a definitive merger agreement to be acquired by TPG Capital and GS Capital Partners (“GSCP”), in a transaction valued at approximately $27.5 billion.

Under the terms of the agreement TPG and GS Capital Partner have agreed to pay $71.50 per share which represents a 23% premium over Alltel’s closing share price prior to media reports of a potential transaction published on December 29, 2006.

“This transaction delivers substantial and certain value to our shareholders while providing the company with long-term partners who share our commitment to our customers, employees and the communities we serve,” said Mr. Ford. “TPG and GSCP are long-term investors who are willing to make the investments necessary to continue to grow our wireless business in all of our markets. This transaction also ensures our customers can continue to rely on Alltel to deliver high-quality service and leading edge products and services.”

“Alltel is a great company with a terrific management team,” said Jim Coulter, founding partner, TPG. “We look forward to working with them to continue to grow one of the nation’s premier wireless providers.”

“Alltel has a long history of growth through strategic acquisitions, combined with a strong focus on customer service,” said Richard Friedman, head of the Merchant Banking Division at Goldman Sachs. “We are excited about this opportunity to partner with an exceptional management team to continue to support their strategies for growth.”

Alltel is the owner and operator of the nation’s largest wireless network and has over 12 million customers.