The Federal Communications Commission (FCC) of the US has approved Atlantis Holdings’ $24.7 billion private equity buyout of Alltel.

The Federal Communications Commission (FCC) of the US has approved Atlantis Holdings’ $24.7 billion private equity buyout of Alltel. Atlantis is a holding company controlled by TPG Capital and the Goldman Sachs Group. The FCC ruling determined that the acquisition will not result in any competitive harm and that the additional capital provided by Atlantis Holdings will allow Alltel to acquire additional spectrum and expand its network.