SBC/AT&T Merger Approved in New York; Action By New York Public Service Commission Adds Momentum to Merger Close Late This Year
Posted on: Wednesday, 21 September 2005, 15:00 CDT
SBC Communications Inc. (NYSE: SBC) and AT&T (NYSE: T) today applauded the New York Public Service Commission for its decisive action in approving the merger of the two companies. The PSC decision completes the regulatory review process in a bedrock state for key AT&T business customers and keeps the companies on path to an anticipated close of the merger this year.
Post merger, the new company will combine the networks and complementary resources of the two companies to provide businesses and consumers with greater choice in communications services, bring new technologies to market faster and ensure continued U.S. leadership in the global communications marketplace.
"With this vote, the New York Public Service Commission has demonstrated tremendous vision in creating an environment that promotes vibrant competition and encourages economic investment in telecommunications. We commend Chairman William Flynn and the commissioners for their leadership, and look forward to similar decisive action in the remaining four states where approval is pending," said Wayne Watts, SBC senior vice president and associate general counsel.
"AT&T is grateful for the New York Public Service Commission's important and timely approval of our merger with SBC," said Jim Cicconi, AT&T executive vice president and general counsel. "Given the leadership role often played by the commission, we're especially pleased that Chairman Flynn, his fellow commissioners, and the PSC's highly professional staff have recognized that this merger will enhance competitive choice for New York consumers and businesses."
With today's decision, New York becomes the 32nd of 36 states to clear the merger, along with the District of Columbia. Merger review is also under way at the U.S. Department of Justice and the Federal Communications Commission.
About SBC
SBC Communications Inc. is a Fortune 50 company whose subsidiaries, operating under the SBC brand, provide a full range of voice, data, networking, e-business, directory publishing and advertising, and related services to businesses, consumers and other telecommunications providers. SBC holds a 60 percent ownership interest in Cingular Wireless, which serves 51.6 million wireless customers. SBC companies provide high-speed DSL Internet access lines to more American consumers than any other provider and are among the nation's leading providers of Internet services. SBC companies also offer satellite TV service. Additional information about SBC and SBC products and services is available at www.sbc.com.
About AT&T
For more than 125 years, AT&T (NYSE:T) has been known for unparalleled quality and reliability in communications. Backed by the research and development capabilities of AT&T Labs, the company is a global leader in local, long distance, Internet and transaction-based voice and data services.
Source: Business Wire
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