Verizon Wireless has agreed to purchase Alltel Corp. for $5.9 billion, which would make Verizon Wireless by far the largest cellular carrier in the U.S. Verizon Wireless would assume $22.2 billion in debt in the deal, bringing the total value to $28.1 billion. The deal comes just seven months after Alltel was taken private by TPG Capital and a unit of Goldman Sachs Group. They paid $24.7 billion for the stock and took on $2.7 billion in debt, bringing the total value of that agreement to $27.4 billion. Alltel has 13.2 million subscribers in 34 states, primarily in rural areas away from the coasts. Adding that to Verizon Wireless' 67.2 million subscribers, the size of the combined company would surpass U.S. cellular leader AT&T Inc., which has 71.4 million subscribers. The parties anticipate the deal closing by the end of 2008. Analysts expect the deal to pass even though it will likely face scrutiny by the Department of Justice and the Federal Trade Commission. Verizon Wireless anticipates that the deal will save more than $9 billion in operating spending and capital. Analysts explained that Verizon Wireless pays Alltel hundreds of millions of dollars annually in roaming fees because Alltel provides coverage in many areas where Verizon Wireless does not. Verizon Communications Chairman and CEO Ivan Seidenberg said Alltel is 'a perfect fit' because of its customer base, solid financials, and the same network technology that the carriers share. The $28.1 billion Verizon Wireless is paying, including debt, means that the private-equity firms will make a small profit. The buyout takes place at a challenging time in the credit markets, and the banks that financed the deal apparently held some of their debt on the books as opposed to selling it, thus putting pressure on the buyout group to cash out.