New Jersey-based Verizon Wireless has notified that the company has finally completed its $28.1 billion acquisition of regional wireless carrier Alltel Corp.

Under the deal, Verizon Wireless, a joint venture between Verizon Communications Inc. (VZ) and Vodafone Group PLC (VOD), has acquired Alltel Corp's equity from Atlantis Holdings LLC for about $5.9 billion and assumed about $22.2 billion in Alltel's debt, most of it which stems from the buyout.

Little Rock, Ark.-based Alltel serves more than 13 million customers in markets in 34 states. In addition, Alltel's network includes 57 primarily rural markets which Verizon Wireless does not serve.

The move makes Verizon the nation's largest mobile phone company and a more potent rival to AT&T Inc.

Alltel Corp. has annual revenue of about $9 billion.