TELECOM Digest OnLine - Sorted: SBC to Buy Former Parent AT&T for $16 Billion

SBC to Buy Former Parent AT&T for $16 Billion

Jack Decker (
Mon, 31 Jan 2005 13:59:44 -0500,1,7058366.story?coll=chi-business-hed

SBC to Buy Former Parent AT&T for $16B

Associated Press Writer

DALLAS -- SBC Communications Inc. has agreed to buy former parent AT&T
Corp. for $16 billion, creating one of the nation's largest
telecommunications companies and ending the independent run of a
company once known as Ma Bell whose roots stretch back to the
telephone's invention.

The decision followed late-night meetings by directors of SBC, the
nation's second-biggest regional phone company, and the 120-year-old
icon AT&T, which gave birth to SBC when its monopoly was broken up in

SBC spokesman Larry Solomon said documents in the acquisition were
signed early Monday after AT&T's board of directors approved the
deal. Board members of SBC approved the transaction on Sunday evening.

AT&T shares fell 70 cents, or 3.5 percent, to $19.01 in early trdaing
on the New York Stock Exchange, while SBC shares gained 8 cents to

The acquisition is subject to approvals by shareholders, two federal
agencies and at least 26 states, a cumbersome process which prompted
the companies to project the deal's completion may take 17 months, an
unusually long wait.

Full story at:,1,7058366.story?coll=chi-business-hed

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