Yet Another Company Breaking Anti-Trust Laws...

Or at least getting closer to where giant companies consolidate to become GIGANTIC, GARGANTUAN companies: Verizon Wireless to buy Alltel in $28.1 billion deal.

NEW YORK (Reuters) - Verizon Wireless said on Thursday that it would buy Alltel Corp for $28.1 billion, including $22.2 billion in debt, vaulting the combined company to first place in the U.S. mobile services market ahead of AT&T Inc.

Verizon said the equity value of the deal would be about $5.9 billion.

Verizon Wireless, 55 percent owned by Verizon Communications Inc and 45 percent owned by Vodafone Group Plc, said the deal would generate savings of $1 billion in the second year after closing.

It said it expects total savings with a net present value of more than $9 billion.

The deal comes about seven months after Alltel was bought by TPG Capital and Goldman Sachs Group Inc's GS Capital Partners for $27.5 billion.

What sucks is I finally cancelled my AT&T cell phone because the service, when Cingular bought AT&T, went down the drain. Well, at least Verizon has a better and higher rating from Consumer Reports than AT&T.

Oh, yeah, in case I didn't mention it, I have a cell plan with Alltel. Nuts.