Verizon Wireless announced it has completed the $5.9 billion purchase of Alltel, making Verizon the nation's top wireless carrier in terms of subscribers.

Verizon said it will also take on $22.2 billion in Alltel debt.

Verizon CEO Lowell McAdam said it would take a year after closing the sale to assess employee retention. It will keep all Alltel employees below the executive level as the company determines which jobs need to be cut or kept under the new arrangement.The buyout is expected to result in the loss of nearly 3,000 employees at Little Rock, Ark.-based Alltel's headquarters.

Verizon, at present has 85,000 employees.

Verizon picks up Alltel's 12.9 million subscribers, though 2.1 million of them are in territory that will be sold. Verizon will have 83.7 million total subscribers.

Verizon said Alltel customers won't need to take any action, though they will soon receive a letter explaining the transition. Most will be able to keep their handsets as Verizon and Alltel share the same system.