Intent on once again being the largest US mobile operator, Verizon Wireless is buying Alltel in a deal valued at $28.1 billion, including $5.9 billion in equity and $22.2 billion in net debt.

News of a potential deal broke yesterday afternoon.

The companies say that the merger will benefit their customers with a wider range of services, including an expanded IN Network calling community. Alltel customers will find themselves with access to an over-the-air music service and a nationwide network.

Pending regulatory approvals, the deal is expected to close by year-end.