Original: 150px AT&T   Inc. and BellSouth announced a USD$67 billion merger deal Sunday. If approved by shareholders and regulators, the merger would create the largest telecommunications company in the U.S., with control of over half of the telephone lines in the country and the largest cellular service provider, Cingular Wireless. "This transaction combines two solid, very well-run companies," AT&T Chairman and CEO Edward E. Whitacre said in a press statement. "BellSouth operates in an attractive region with a growing economy. It has great employees and an outstanding network, with fiber optics deeply deployed in its service area. It has a strong record in terms of customer service and a sound, conservative balance sheet. These strengths, added to those of AT&T, will improve our ability to provide innovative services to more customers while returning substantial value to our owners and improving our growth profile." AT&T and BellSouth had shared ownership and operations of Cingular Wireless, which will be absorbed by AT&T as part of the merger. If the deal passes shareholders, BellSouth stock holders will receive 1.325 shares of AT&T common stock for each single share held of BellSouth stock. at a rate of 1.325 shares of AT&T stock per BellSouth share. Though subject to approval by government regulators and shareholders of both companies, the merger is expected to be completed within the next year. BellSouth and AT&T employ nearly 316,000 people in the United States. The merger, if approved, would give AT&T 70 million telephone users, almost 10 million broadband subscribers, and AT&T will provide services to more than half the companies on the Fortune 100 in 22 states. Whitacre will remain as chairman, CEO and a member of the board of directors of the combined company. Duane Ackerman, currently chairman and CEO of BellSouth, will remain in his position for a transition period following the merger. Additionally, three members of BellSouth's board of directors will join the AT&T board. The announced purchase recalls the planned $ 115 billion dollar merger of MCI WorldCom and Sprint in 1999 that was prohibited by the federal government.
Revised: 150px AT&T Inc. and BellSouth announced a US$67 billion merger deal Sunday. If approved by shareholders and regulators, the merger would create the largest telecommunications company in the United States, with control of over half of the telephone lines in the country and the largest cellular service provider, Cingular Wireless. "This transaction combines two solid, very well-run companies," AT&T Chairman and CEO Edward E. Whitacre said in a press statement. "BellSouth operates in an attractive region with a growing economy. It has great employees and an outstanding network, with fiber optics deeply deployed in its service area. It has a strong record in terms of customer service and a sound, conservative balance sheet. These strengths, added to those of AT&T, will improve our ability to provide innovative services to more customers while returning substantial value to our owners and improving our growth profile." AT&T and BellSouth had shared ownership and operations of Cingular Wireless, which will be absorbed by AT&T as part of the merger. If the deal passes shareholders, BellSouth stock holders will receive 1.325 shares of AT&T common stock for each single share held of BellSouth stock. at a rate of 1.325 shares of AT&T stock per BellSouth share. Though subject to approval by government regulators and shareholders of both companies, the merger is expected to be completed within the next year. BellSouth and AT&T employ nearly 316,000 people in the United States. The merger, if approved, would give AT&T 70 million telephone users, almost 10 million broadband subscribers, and AT&T will provide services to more than half the companies on the Fortune 100 in 22 states. Whitacre will remain as chairman, CEO and a member of the board of directors of the combined company. Duane Ackerman, currently chairman and CEO of BellSouth, will remain in his position for a transition period following the merger. Additionally, three members of BellSouth's board of directors will join the AT&T board. The announced purchase recalls the planned US$ 115 billion dollar merger of MCI WorldCom and Sprint in 1999 that was prohibited by the federal government.
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