AT&T, Verizon wireless sell Praha stake for $1.05 billion
Posted on: Wednesday, 18 June 2003, 06:00 CDT
REDMOND, Washington (AP) -- AT&T Wireless Services Inc. and Verizon Communications said Wednesday they have finalized an agreement to sell their 49 percent joint interest in Czech wireless provider Eurotel Praha to Cesky Telecom A.S. for $1.05 billion.
Cesky Telecom, of the Czech Republic, which already has a 51 percent stake in Eurotel Praha, announced the agreement earlier this month following approval of its board.
Under terms of the deal, New York companies AT&T Wireless and Verizon, which each own 24.5 percent of Eurotel Praha, will receive a total of $625 million each from the sale, including $100 million from shares of a dividend payment.
AT&T Wireless said the sale, which is subject to regulatory approval and Cesky Telecom's ability to finance the purchase, should close later this year.
Cesky Telecom has said it plans to seek debt financing to fund the deal.
New York Stock Exchange-listed shares of AT&T Wireless closed Wednesday at $7.91, up 39 cents, or 5.2 percent.
Verizon's shares ended the day at $40.24, up 27 cents, or 0.7 percent, on the Big Board.
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