A day after reports leaked that the two companies were in talks, Verizon Wireless announced Thursday that it will buy Alltel Corp. of Little Rock in a deal worth $28 billion.

In a news release, Verizon said it will acquire the equity of Alltel for about $5.9 billion. “Based on Alltel’s projected net debt at closing of $22.2 billion, the aggregate value of the transaction is $28.1 billion,” the news release said. The companies want the merger to clear by the end of the year.

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