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Alltel Completes Sale to TPG Capital, GS Capital Partners

LITTLE ROCK, Ark.--(BUSINESS WIRE)--Nov. 16, 2007--Alltel today announced that it has completed the closing of its merger with an affiliate of TPG Capital and GS Capital Partners (GSCP). Holders of Alltel common stock will receive $71.50 per share in cash under the terms of the merger agreement, which was adopted by Alltel shareholders at a special meeting on August 29, 2007.

As a result of the transaction, Alltel's stock will cease trading on the New York Stock Exchange at close of market today.

"This transaction delivers substantial value to our shareholders, and we want to thank them again for their support through the years," said Scott Ford, Alltel's president and chief executive officer.

Alltel operates America's largest wireless network, which delivers voice and advanced data services nationwide to more than 12 million customers. Headquartered in Little Rock, Ark., Alltel is a Forbes 500 company with annual revenues of nearly $8 billion. For more information, please visit www.alltel.com.

Alltel, NYSE: AT

Andrew Moreau, 501-905-7962
Vice President - Corporate Communications
Tim Hicks, 501-905-8991
Director - Investor Relations

SOURCE: Alltel

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Alltel Corp.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.