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AT&T wireless in pact

Monday, Oct. 8, 2001 | 9:50 a.m.

ARLINGTON, Va. -- AT&T Wireless will acquire the 77 percent of TeleCorp PSC that it does not already own for $2.4 billion in stock, the companies said today.

Arlington-based TeleCorp. has more than 900,000 customers in 14 states and Puerto Rico. The acquisition will enable AT&T Wireless, the nation's No. 3 wireless company, to increase its subscribers to about 17.3 million.

Both companies have approved the deal, which would give Redmond, Wash.-based AT&T Wireless sole ownership of its largest affiliate.

AT&T Wireless will also assume $2.1 billion in debt and about $221 million in preferred securities.

TeleCorp shareholders will be offered 0.9 shares of AT&T Wireless common stock for each share of TeleCorp stock. That is a 19 percent premium based on average closing prices of TeleCorp stock over the last 30 trading days and, at Friday's closing prices, would give TeleCorp shareholders stock valued at $14.51 for each TeleCorp share.

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