Alltel (NYSE: AT) has completed its privatization with a $24.7 billion buyout by private equity firms TPG Capital and GS Capital Partners. AP notes that there is some concern over the debt of $23 billion created for the buyout, which may hinder Alltel’s plans to bid in the upcoming spectrum auction. The company won FCC approval for the buyout at the end of October.

• FCC Approves Alltel Buyout
• Alletel Shareholder Approve Sale Deal
• Alltel Being Bought By Private Equity Firms TPG, Goldman For $27.5 Billion