Cingular Closes Deal for AT&T; Wireless
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Cingular Wireless closed its $41-billion cash purchase of AT&T; Wireless Services Inc., creating the biggest U.S. mobile service with more than 46 million customers.
Cingular, a venture of BellSouth Corp. and SBC Communications Inc., agreed to government demands that it sell wireless airwaves in 30 markets and give up as many as 500,000 customers.
Also, SBC and BellSouth had their long-term debt ratings cut by Moody’s Investors Service to A2 from A1, reflecting the loss of financial flexibility from the deal.
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