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Almost as confusing as AT&T itself

You know, Cingular, AT&T Wireless, AT&T Mobility, AT&T Broadband, Bellsouth, SBC etc. Who could forget?

On June 5, 2008, Verizon Wireless announced it would acquire the majority of Alltel Wireless in a deal valued at $28.1 billion. The merger was approved by the Federal Communications Commission on the condition that Verizon divest 105 Alltel markets. On May 8, 2009, AT&T announced it would acquire 79 of the divested wireless properties, including licenses, network assets, and 1.5 million current subscribers, primarily in rural areas across 18 states.[4]

On April 26, 2010, Atlantic Tele-Network acquired the remaining 26 divested Alltel markets, including licenses, network assets and 800,000 subscribers.[5] These remaining markets continue to be operated by Allied Wireless, a subsidiary of ATN, under the Alltel name.

On January 22, 2013, AT&T announced they were acquiring Alltel from Atlantic Tele-Network for $780 million in cash
So basically they are buying the parts of Alltel that Verizon was forced not to buy... not the old Alltel which was a reasonably sized regional carrier.

Or, to put it another way, Verizon bought approx 97% of Alltel and now AT&T is buying the remaining approx 3%.