Alltel (NYSE: AT) has received FCC approval for the $24.7 billion buyout by private equity firms TPG Capital and GS Capital Partners. The FCC said the transaction would not hurt competition in the mobile telephony market and would provide Alltel with fresh capital which “will lead to deployment of advanced wireless services in rural areas” reports AP. However, the FCC “imposed an interim cap on the amount of money the new owner receives under the program. The cap will remain in place until “fundamental comprehensive reforms” are adopted”. Shareholders will get $71.50 in cash per share, and the deal is expected to close Thanksgiving Day.