AT&T is buying BellSouth Corp for 67 billion in stock, in a bid further expanding its reach in SouthEastern United States & acquire the rest of Cingular Wireless, it doesn't already own.
AT&T Inc. was formed by SBC's acquisition of AT&T Corp. in November. The deal added a substantial national reach to the former Southwestern Bell's local business, which is concentrated in 13 states, including Texas, California, and the Midwest.
Post merger, AT&T would reach out to 70 million local-line phone customers, 54.1 million wireless subscribers and nearly 10 million broadband subscribers in the 22 states.
The deal would substantially expand the reach of AT&T, already the country's largest telecommunications company by the number of customers served. AT&T currently owns a 60 percent share of the nation's No. 1 cell phone provider, while BellSouth has 40 percent.
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