Wireless Internet provider Alltel has agreed to be purchased by a private equity firm for $25 billion, reports Reuters.

The buyout by TPG Capital is the latest in a string of private equity purchases of companies ranging from Chrysler to Bausch & Lomb. Those firms generally wait a few years, then sell the companies off for a profit. Because of Alltel's position as a provider of wireless Internet services to rural areas, other such network providers could become attractive targets down the road.

Purchasing the rural wireless infrastructure could help a media or search company provide ad-supported networks in hard-to-reach areas.