Verizon Buyout

Private Equity Firms Bidding on Verizon Assets

Verizon’s wireless telephone assets are attracting bids from large private equity firms, according to sources close to the situation.

Major private equity firms including Carlyle Group, Kohlberg Kravis Roberts & Co and Blackstone Group (BX.N). Carlyle Group and KKR teamed up for a joint offer and the Blackstone Group offered a bid before last week’s deadline. However, rival telecommunications companies also bid in the auction. Verizon said that over 30 bidders expressed interest in purchasing the assets and the auction will take place over several months.

Verizon Communications is divesting its wireless telephone assets after its acquisition of the rural wireless company, Alltel Corp, in January. In order to gain regulatory approval for the deal, Verizon has to divest airwaves in 105 markets. Verizon and Britain’s Vodafone Group Plc (VOD.L) (VOD.N) own Verizon Wireless. The acquisition of Alltel Corp. made the largest U.S. wireless carrier in terms of subscribers, overtaking AT&T.

Tags: Private equity verizon, buyout verizon, buyout bid verizon, buyout telecommunications, private equity telecommunications, private equity buy verizon, verizon private company, Verizon assets