Photo courtesy of iStockphoto, Özgür Donmaz

Verizon Wireless has announced plans to acquire Alltel Corp. for a whopping $28.1 billion in cash and assumed debt.

"Alltel, with service mainly in the South and Midwest, has more than 13 million customers in 34 states, including Georgia," writes the AJC's David Ho. "The carrier also serves 57 mainly rural markets that Verizon does not. Adding Alltel's customers would return Verizon Wireless to the top spot with more than 80 million subscribers. AT&T has 71.4 million."

"If competed, the transaction would solidify Verizon Wireless as one of two behemoths in a quickly consolidating industry," notes the LA Times' Jim Puzzanghera. "The other, AT&T, became the biggest wireless company in late 2006 after it acquired full control of Cingular Wireless as part of the purchase of BellSouth Corp."

More here from the Washington Post ... more here from BusinessWeek ... more here from Reuters ... and the press release is here.