Alltel to be sold, effect on Penske sponsorship?

Alltel Corp. announced that it has signed a definitive merger agreement to be acquired by TPG Capital and GS Capital Partners (’GSCP’), in a transaction valued at approximately $27.5 billion. Alltel’s Board of Directors has unanimously approved the merger agreement after a comprehensive review of the company’s strategic options, and has recommended the approval of the transaction by Alltel’s shareholders.

Completion of the transaction, which is currently expected to occur by the fourth quarter of 2007 or by the first quarter of 2008, is contingent upon customary closing conditions, including approval by Alltel’s shareholders and certain regulatory approvals. Shareholders will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. Scott Ford, Alltel’s chief executive officer, will remain in his current role.