Alltel Corp. said Wednesday its shareholders have approved the $27.5 billion buyout by TPG Capital and GS Capital Partners.
The company said approximately 97 percent of the shares voted in favor of the deal at a special meeting. The acquisition was announced in May.
The Federal Communications Commission still must approve the transaction. Alltel, which has 12 million wireless customers, expects that to happen by the end of the year. Once the transaction closes, the company’s shareholders will receive $71.50 in cash for each share of Alltel common stock.
“I’m very pleased to receive such strong shareholder support for this transaction,” said Alltel President and CEO Scott Ford.