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Article: Alltel's buy of 360 Degrees fits 'like hand in glove.' (Alltel Corp.; 360 Degrees Communications Co.)
- Article from:
- Arkansas Business
- Article date:
- March 23, 1998
- Author:
CopyrightCOPYRIGHT 1998 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In a move to strengthen alltel Corp. in the nation's wireless telephone market, the company announced last week that it plans to buy 360 [degrees] Communications Co. of Chicago for roughly $4 billion in its own stock and assume $1.8 billion of 360 [degrees]'s debt.
The deal would make Alltel the seventh-largest provider of wireless phone service in the country, based on the number of customers. The true beauty of the deal, though, is that the two companies have no overlap in their wireless markets.
"We fit like hand in glove," Alltel spokesman George Smith says.
In essence, the deal would solidify Alltel's presence in the Southeast - bringing wireless ...