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"AT&T confirms deal to acquire BellSouth"

Sun Mar 5, 2006 7:42 PM GMT13

PHILADELPHIA (Reuters) - AT&T (T.N: Quote, Profile, Research) on Sunday agreed to acquire BellSouth (BLS.N: Quote, Profile, Research) for about $67 billion (38 billion pounds), to expand its reach into the southeastern United States and acquire the rest of Cingular Wireless it does not already own.

BellSouth shareholders will receive 1.325 shares of AT&T common stock for each common share of BellSouth. Based on AT&T's closing stock price on March 3, that equals $37.09 per BellSouth common share, a 17.9-percent premium.

The long-awaited deal would give the combined company a national long-distance telephone and data network, residential customers stretching from Florida to California and business customers comprising more than half of the Fortune 1000.

Reply to
John Navas
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After the breakup of Ma Bell into the regional Baby Bells in the 80's, watching The Phone Company recombine itself into one monolithic entity reminds me of the scene in "Terminator 2" where the pieces of the terminator flowed together to reconstruct itself after having been frozen with liquid nitrogen and shattered.

Reply to
emtech

I think Bellsouth owns 10% of Qwest (which bought US West).

Bellsouth owns 40% of Cingular. The former SBC owned 60% of it. This deal would put Cingular under that one big roof.

Later

Mark Hittinger snipped-for-privacy@pu.net

Reply to
Mark Hittinger
[POSTED TO alt.internet.wireless - REPLY ON USENET PLEASE]

Times have changed. Back then we had a regulated monopoly with no competition. Now we have deregulation and competition.

Reply to
John Navas

Could someone tell me what the court decission in the late 70's and early

80's to bust up AT&T was about if the babies are now allowed to recombine? Won't this just leave Bell Atlantic (Verizon) the only baby left?

fundamentalism, fundamentally wrong.

Reply to
Rico

That and the sunbelt is still the fastest growing part of the country both population and economy. THis is a smart move on SBC's part. I just wonder where the Justice department is.

fundamentalism, fundamentally wrong.

Reply to
Rico

Well, we did for a while there.

Reply to
emtech

Washington DC. While there will probably be some demands made to approve the deal, there's nothing that warrants blocking it.

Reply to
John Navas

It was about a regulated monopoly. Today the market is deregulated and competitive. Like many other people, I don't even have a landline anymore.

Competing with cable, wireless, and VoIP.

Reply to
John Navas

Well certainly not from an employee/contractor's point of view

fundamentalism, fundamentally wrong.

Reply to
Rico

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