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SBC completes purchase of AT&T after regulatory hurdle

http://www.freep.com/apps/pbcs.dll/article?AID=/20051119/BUSINESS07/511190301/1002/BUSINESS

SBC Communications Inc. completed its purchase of former owner AT&T Corp. on Friday after California officials removed the final regulatory hurdle for the $16-billion deal.

The California Public Utility Commission also gave its consent to Verizon Communications Inc.’s planned purchase of MCI Inc. for about $7.5 billion, though that deal is still awaiting approval in other states.

The two deals highlight the fading distinction between local and long-distance calling as separate services, while ushering in a new era dominated by direct competition with cable TV and wireless providers rather than among individual phone companies.

SBC, which already had said it was changing its name to AT&T, announced Friday it also will be assuming AT&T’s longtime stock trading symbol, “T,” starting Dec. 1. The company also said it will unveil a new corporate logo Monday. SBC has 3.5 million customers in Michigan.

Company officials said the combined company will continue to serve all former SBC and AT&T customers.


Posted by SPN on 11/19 at 01:54 PM in Blogging

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