SBC To Acquire AT&T For $16B in Cash, Stock
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Local phone giant SBC Communications Inc. has agreed to acquire AT&T Corp. for roughly $16 billion in cash and stock, The Wall Street Journal reported yesterday.
Citing sources close to both companies, the newspaper reported on its Web site that SBC’s board approved the deal yesterday and that the board of AT&T was still meeting. An SBC spokesman, Walt Sharp, told the Associated Press he had “no information on anything of that nature.”
