Basking Ridge, N.J. - Verizon Wireless (NYSE: VZ) announced on Thursday that it has signed an agreement to pay $28.1 million to acquire Alltel, the Arkansas-based telecommunication services provider. Alltel serves more than 13 million customers in 34 states, including 57 primarily rural markets that Verizon Wireless does not serve.

Once the deal closes, customers of both companies will have access to an expanded range of products and services, including an expanded IN Network calling community.

Alltel and Verizon Wireless both use a common network technology, "which provides advantages of a seamless transition for Alltel customers, ease in integrating the two companies' networks, and scale efficiencies in operating the larger integrated network," according to the announcement.

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