Cingular Wireless to acquire AT&T Wireless
Posted on: Wednesday, 18 February 2004, 06:00 CST
Cingular Wireless to acquire AT&T Wireless
LOS ANGELES, Feb. 17 (Xinhua) -- Cingular Wireless, the number two US mobile phone provider, has agreed to acquire third-largest AT&T Wireless for about 41 billion US dollars, Cingular said Tuesday.
If approved, the deal could create the largest US cellular carrier, with 46 million subscribers, annual revenues of more than 32 billion dollars and a presence in 97 of the top 100 US markets.
The current US market leader, Verizon Wireless, reported 37.5 million subscribers in its quarterly earnings report last month.
The deal, worth 15 dollars per share, was the largest all-cash offer in history.
The deal was reached after the British company Vodafone Group said it had withdrawn from the bidding war. In a statement, Vodafone said it concluded that it was "no longer in its shareholders' best interests to continue discussions."
The merger is subject to the approval of AT&T Wireless shareholders and federal regulatory authorities.
AT&T Wireless is third largest carrier in the US, with 22 million subscribers, but it has been losing customers in recent months. Cingular is a joint venture between SBC Communications and BellSouth.
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