AT&T Wireless/Cingular Deal Done

February 17, 2004 - Posted at 7:23 a.m. CDT

ATLANTA, GA - Cingular Wireless is buying rival AT&T Wireless Services.

The nation's number two mobile phone provider will spend more than $40 billion for the third largest wireless carrier in the U.S.

The deal could create the nation's largest cellular subscription base, with a potential 46 million subscribers.  The current market leader, Verizon Wireless, reported 37.5 million subscribers in its quarterly earnings report last month.

Cingular won a two-day bidding war for AT&T Wireless shareholders and federal regulatory authorities.

Cingular, a joint venture between SBC Communications and BellSouth, said its winning offer was $15 a share, or about $41 billion.

(Copyright 2004 by The Associated Press.  All Rights Reserved.)