Published on June 5th, 2008 | by Michael J Smith4
Verizon Agrees To Acquire Alltel
Hearing that Verizon Wireless has agreed to acquire Alltel Corp. for about $6 billion. Verizon will also assume about $22 billion in debt in the deal.
If completed, the deal would make Verizon the largest cellphone company, which would make it better suited to compete with AT&T.
Verizon hopes to complete the deal by the end of the year.
No word on how this will affect NASCAR, but I assume that it will be easier for Verizon to put its logos on the Penske Racing’s No. 12 Alltel Dodge driven by Ryan Newman than it was for Richard Childress Racing’s No. 31 AT&T Chevy.
Given that there’s a precedent, it would be harder for NASCAR to defend its practice of keeping wireless providers out of the Sprint Cup Series in this case because it would probably be considered a re-branding. AT&T won its court case to get the logos put on the No. 31, and I imagine that Verizon will do the same.
Verizon has sponsored Nationwide cars. They sponsored at least one this season, so I’m willing to be that they’d like to get into the Sprint Cup Series if they can.