AT&T widens cellular world with purchase of Vanguard
Article Abstract:
AT&T will expand its reach in the cellular market with its plan to purchase Vanguard Cellular, a 15-year-old cellular company, for $900 million. AT&T agreed on Oct. 5, 1998, to acquire Vanguard in a deal that values Vanguard at $23 per share and includes the assumption of Vanguard's $600 million debt. The purchase will give AT&T coverage in smaller markets around Philadelphia, Washington and New York because Vanguard has 625,000 customers in markets, such as Allentown, PA, and Charleston, West Virginia. AT&T expects to close the deal during the first quarter of 1999, pending regulatory approval.
Comment:
Will expand its reach in cellular market w/ its plan to purchase Vanguard Cellular, a 15-year-old cellular company, for $900 mil
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
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TCI deal stands despite falling AT&T stock
Article Abstract:
AT&T CEO Michael Armstrong has declared terms of the deal to acquire Tele-Communications Inc., a cable television company, will not be renegotiated despite the decline in AT&T shares. AT&T saw its shares dropped by 16% after the acquisition of TCI was made public. However, some details of the AT&T-TCI deal, including the amount of shares that AT&T will retain in its consumer services unit, are yet to be finalized. AT&T's initial plan is to sell 20% to 30% shares to the public but TCI President Leo Hindery stated that AT&T may raise the shares it will sell.
Comment:
CEO Michael Armstrong says terms of deal to buy TCI will not be renegotiated despite drop in value of AT&T stock
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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