New York, N.Y. - Alltel Corp., the Arkansas-based voice and data communications service provider, has agreed to be acquired by New York-based Goldman Sachs and Texas-based TGP Capital for $2.5 billion.

The size of the deal makes it the largest telecommunications buyout in history.

Founded in 1983, Alltel had a market cap of $24.79 billion and over 15 million customers, as of early 2006.

Shares in Alltel closed up $4.39 at $69.60 on Monday following the news, a gain of about 7%.

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