Verizon in Talks to Buy Alltel

Have you heard?

Verizon Communications is near a deal to buy Alltel for about $27 billion, including the assumption of debt. Vodafone, Verizon’s partner in its wireless business, confirmed the talks in a short statement Thursday, which said Verizon Wireless was in “advanced discussions regarding the potential acquisition of Alltel.”

The transaction would represent one of the quickest flips in corporate history: Alltel’s owners — TPG, formerly the Texas Pacific Group, and Goldman Sachs’s private equity arm — just completed buying the company last fall for about $27.5 billion.

Read more in the New York Times here.