Verizon Wireless will buy Alltel to increase its subscriber base for around $28.1 billion.

The deal was announced on Wednesday from reports in the press and Verizon Wireless just made an official statement. This deal is all about one thing – and that is subscriber envy. Verizon Wireless will no longer be second to AT&T.

Hard Facts:

* Verizon Wireless ended the first quarter with 67.2 million subscribers.
* AT&T had 71.4 million wireless subscribers at the end of the first quarter.
* Alltel brings 13 million subscribers to Verizon’s table.
* Add it up and Verizon Wireless now has roughly 80 million wireless subscribers and can tout being the king of wireless.

If Sprint and T-Mobile were to combine companies they would have about 82 million subscribers, making it a close call on who would be the king of wireless subscribers.

As we said, size does matter. In fact, the Verizon Wireless purchase of Alltel may make a Sprint and T-Mobile merger more likely.

Alltel and Verizon Wireless expect the deal to close by the end of 2008.

What are your thoughts? Are you a current subscriber to Verizon or Alltel?