Cingular to buy AT&T Wireless for $41B

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Cingular to buy AT&T Wireless for $41B

Cingular Wireless, the No. 2 mobile phone provider in the US, won the bidding war to acquire third-largest AT&T Wireless for nearly $41 billion, a deal that could create the nation’s largest cell phone company. Cingular, a joint venture between SBC Communications and BellSouth, said its winning bid was for $15 per share in cash, an amount that would value AT&T Wireless at $40.7 billion. Cingular will also assume $6 billion of debt owed by AT&T Wireless.

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