Mon Jan 31, 2005 6:38 am
SBC Communications, parent company of Cingular, has agreed to acquire long distance phone company AT&T Corp. for $16 billion. The deal would create the 2nd largest regional phone company.
"It's a done deal," said SBC spokesman Larry Solomon. "We just agreed to acquire AT&T."
"Today's agreement is a huge step forward in our efforts to build a company that will lead an American communications revolution in the 21st century," SBC CEO Edward Whitacre said in a statement.
"The combination of these two strong, complementary companies will ensure that together we will have all the capabilities necessary to compete successfully in serving a broad range of customers across the country and around the globe," David Dorman, the AT&T CEO said.
While still subject to regulatory approval, the documents were signed early Monday after SBC and AT&T boards approved the transaction. The takeover of AT&T is expected to be completed by the first half of 2006.
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