AT&T has completed the full takeover of its telecoms and tower subsidiaries in Cincinnati by acquiring minority stakes worth US$320m from customer relationship company Convergys.
In a statement it said that it had completed the acquisitions of…
AT&T has completed the full takeover of its telecoms and tower subsidiaries in Cincinnati by acquiring minority stakes worth US$320m from customer relationship company Convergys.
In a statement it said that it had completed the acquisitions of Convergys’s 34% stake in telco Cincinnati SMSA and 45% stake in the tower holding company Cincinnati SMSA Tower Holdings.
AT&T already owned the rest of the two companies.
AT&T did not use financial advisers for the transaction. Convergys would not comment on whether it had used advisers.
AT&T said that its decision had been driven by financial and operation considerations, but did not give any more specific reasoning behind the decision.
It believes that the impact of the transaction on its earnings and cash flows would be insignificant.
As AT&T already held majority stakes in the two companies, regulatory approval was not required for the transaction.
Cincinnati SMSA provides wireless services in Ohio and Kentucky, while Cincinnati SMSA Tower Holdings is a tower holding company for Cincinnati SMSA.
AT&T said in March that it expected the T-Mobile acquisition to be completed in approximately twelve months.
