AT&T announced recently that an agreement between the company and Verizon Wireless will conclude AT&T purchasing a large number of former Alltel Wireless assets and 1.5 million subscribers from Verizon for US$2.35 billion in cash. And, in order to keep up with the competition, the government compelled Verizon to discharge these Alltel markets.

In response, Verizon Wireless said it will purchase $240 million worth of subscribers and assets that AT&T is trying to acquire as part of a pending acquisition of Centennial Communications.