It’s official now that Verizon is acquiring Alltel equity and debt in a transaction worth $28.1 billion. The news that was rumored yesterday was confirmed today by Basking Ridge, New Jersey based Verizon.

Thru a press release, Verizon Wireless has confirmed the transaction involving the wireless telecommunications company itself, it’s minority owners Vodafone, and the Little Rock, Arkansas based wireless telecommunications company Alltel.

According to the transaction, Verizon will purchase Alltel from TPG Capital and GS Capital Partners, for about $5.9 billion in cash and will assume Alltel’s debt, which is estimated to be $22.2 billion, making the total transaction value $28.1 billion. The deal is expected to close by the end of the year, pending regulatory approvals.