Verizon completes buyout of Rural Cellular Verizon Wireless said that it has completed its purchase of Rural Cellular Corp. of Alexandria, Minn., for $2.66 billion in cash and assumed debt. Verizon said that it would divest Rural Cellular's markets in southern Minnesota as a result of Verizon's pending acquisition of Alltel Corp., which offers overlapping service in the same area. Those customers will continue to receive service under Rural Cellular's Unicel brand. Under the terms of the deal, Rural Cellular shareholders will receive $45 in cash for each share of stock they hold.
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