Alltel Buys Out Carolina Partner for $455M

is buying out partnerships covering its network in parts of North and South Carolina with Palmetto MobileNet, LP.

Alltel paid $455 million in cash for the partnerships, according to CT Communications in Concord, NC.

CT Communications owned 22.4 percent of Palmetto. The telecommunications provider said it expected to receive some $97 million as part of the sale.

The deal does not affect CT Communication's own wireless business unit, the company said.

Alltel owned 50 percent and managed the 10 partnerships involved that provide coverage in 34 South Carolina and seven western North Carolina counties.