With this announcement, Alltel's buyout at premium pricing may send another signal to the telecom industry - private equity is moving in.

Buying out Alltel at 23% above market demonstrates that TPG Capital and Goldman Sachs Capital Partners are seriously convinced that the telecom market's got strong potential and that Alltel's got the strength to move of from the #5 spot in wireless.

Alltel to be acquired by TPG Capital and GS Capital Partners for $71.50 per share

Release date: May 20, 2007

Little Rock, AR - Alltel Corp. (NYSE: AT) today announced that 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 merger agreement, TPG Capital and GSCP will
acquire all of the outstanding common stock of Alltel for $71.50 per
share in cash. The purchase price per share represents a 23% premium
over Alltel's closing share price prior to media reports of a potential
transaction published on December 29, 2006. Alltel intends to pay its
regular quarterly common share dividend until closing.

Alltel's Board of Directors has unanimously approved the merger
agreement after a comprehensive review of the company's strategic
options, and has recommended the approval of the transaction by
Alltel's shareholders.

Completion of the transaction, which is currently expected to occur
by the fourth quarter of 2007 or by the first quarter of 2008, is
contingent upon customary closing conditions, including approval by
Alltel's shareholders and certain regulatory approvals. Shareholders
will be asked to vote on the proposed transaction at a special meeting
that will be held on a date to be announced. Scott Ford, Alltel's chief
executive officer, will remain in his current role.
[Read full release]

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