AllTel Corp, Little Rock, Arkansas has signed a letter of intent with GTE Corp, Stamford, Connecticut to swap its midwest telephone operations and approximately $440m in cash for GTE’s Georgia phone operations; GTE serves 706,292 access lines in Illinois, 726,158 line in Indiana, and 545,842 lines in Michigan and the exchange gives GTE 40,878 additional lines in Illinois, 9,476 lines in Indiana and 44,668 lines in Michigan; AllTel’s 330 employees in those states would move to GTE.
