UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D. C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 28,
2003

                 
                     
                  
 ALLTEL
CORPORATION                    
                     
                     
 
(Exact name of registrant as specified in its charter)

     Delaware       
                     
                     
          1-4996                  
                     
             34-0868285   
(State
or other jurisdiction
of             
        (Commission File
Number)        
                     
   (I.R.S. Employer
   incorporation or
organization)           
                     
                     
                     
               
Identification No.)

       One Allied Drive,
Little Rock, Arkansas    
                     
                     
                     
                   72202 
     
     (Address of
principal executive
offices)           
                     
                     
                     
            (Zip
Code)

     Registrant's telephone number,
including area code     
                      
                     
              
(501) 905-8000   

           
                     
                     
                     
Not Applicable 
              
                     
                     
       
(Former name or former
address, if changed since last report)
 
  
Item 5. Other Events
  
On January 28, 2003, ALLTEL Corporation ("ALLTEL" or the
  "Company") signed a definitive agreement to
  sell the financial services division of its information services subsidiary,
  ALLTEL Information Services, Inc., to Fidelity National Financial Inc.
  ("Fidelity National"), for $1.05 billion, payable as $775.0 million
  in cash and $275.0 million in Fidelity National common stock. The telecom
  division of ALLTEL Information Services will be retained by the Company and
  will not be part of the transaction. As part of this transaction, Fidelity
  National will acquire ALLTEL's mortgage servicing, retail and wholesale
  banking and commercial lending operations, as well as the community/regional
  bank division. Approximately 5,500 employees of the Company will transition to
  Fidelity National as part of the transaction, which is expected to close
  during the first quarter of 2003. The decision to sell the financial services
  division will improve ALLTEL's financial flexibility and will allow the
  Company to focus on expanding its communications business.

  
  
On January 29, 2003, ALLTEL issued a Press Release jointly announcing the
  Company's fourth quarter and annual unaudited consolidated results of
  operations and its decision to sell the financial services division of ALLTEL
  Information Services to Fidelity National. A copy of the Press Release is
  attached hereto as Exhibit 99(a) and made a part of this filing.
  
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
  
    
    
  (a) Not Applicable.
    
  (b) Not Applicable.
    
  (c) Exhibits.
    

        
99(a)    Press Release dated January 29, 2003 of ALLTEL Corporation.
      

    

      

        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
        
 
      
    
      
    
2
    
 
    
 
    
  

  
SIGNATURE
  
 
  

    
Pursuant to the requirements of the Securities Exchange Act of 1934, the
    registrant has duly caused this report to be signed on its behalf by the
    undersigned, thereunto duly authorized.
    
 
    
 
    
ALLTEL CORPORATION

    
    
(Registrant)
    
 
    
By: /s/ Jeffery R. Gardner

    

    
    
Jeffery R. Gardner
    
Senior Vice President - Chief Financial Officer
    
(Principal Financial Officer)
    
February 5, 2003
    
  



  

    
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
3
    
EXHIBIT INDEX
    
 
    
 
    
      
        
          
Exhibit
          
Number
          
 
        
        
          
 
          
                
          Description of Exhibits
        
        
      
      
        
        
        
      
      
            99(a)
        Press Release dated January 29, 2003 of ALLTEL
          Corporation
      
    
    
 
    
 
    

  

  
 
  
 
  

    

      

        

          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
          
 
        
      
    
    
4