AT&T to Snap Up Convergys Assets for $320 Million
Article Comments 29
Jun 2, 2011, 8:37 PM by Eric M. Zeman
AT&T has announced its intent to acquire the wireless operations owned by Cincinnati-based Convergys. Convergys has ownership of two wireless ventures in Cincinnati. It has a 34% stake in Cincinnati SMSA and a 45% limited-partnership interest in Cincinnati SMSA Tower Holdings. AT&T already owns the remaining 66% and 55%, respectively, of these two entities. AT&T will spend $320 million in cash to purchase Convergys' interests in the Cincinnati SMSA and Cincinnati SMSA Tower Holdings businesses so that it fully owns both. The companies contend that the sale doesn't require regulatory approval because AT&T is already the major shareholder of both businesses. The sale is expected to close in early July.
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Cool... the city I live in.
AT&T already owns the majority of the shares. This just changes it from "Convergys" to "AT&T". They already *use* the assets, they just arent reportable as company owned despite all but owning them anyways.
We go from
'at&t sucks, they had better do something to improve the quality of their network'
And then when they try to acquite more spectrum to be able to do that it's
As a former Convergys
Could be AT&T as "chewed off more than they can bite".
But knowing Convergys and AT&T....