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Cingular Wireless, AT&T Wireless and Triton PCS announce definitive agreement
Date:
Topic Corporate News
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Cingular Wireless, AT&T Wireless and Triton PCS announce definitive agreement
ATLANTA, REDMOND, WA AND BERWYN, PA - -/22 September, 2004 - Wi-Fi Technology News/-Cingular Wireless, AT&T Wireless (NYSE:AWE), and Triton PCS (NYSE: TPC) today announced the signing of a definitive agreement that - contingent on the closing of Cingular's acquisition of AT&T Wireless - would give Cingular expanded wireless service in Virginia and Triton PCS added coverage in North Carolina as well as entry into the Puerto Rico MTA.
A non-binding letter of intent regarding the exchange of these operations was signed on July 7, 2004.
Under the terms of the definitive agreement, Cingular will receive Triton PCS's licenses, network assets and customers in Virginia. Triton PCS will receive certain AT&T Wireless/Cingular licenses, network assets and customers in North Carolina and the Puerto Rico MTA, plus $175 million in cash from Cingular. AT&T Wireless and Triton PCS employees in the markets being exchanged will transition with the business.
The closing of the definitive agreement is contingent upon closing of Cingular's acquisition of AT&T Wireless, as well as customary regulatory approvals. Cingular and AT&T Wireless expect their merger to close in 2004.
About Cingular Wireless
Cingular Wireless, a joint venture between SBC Communications (NYSE - SBC) and BellSouth (NYSE - BLS), serves more than 25 million voice and data customers across the United States. A leader in mobile voice and data communications, Cingular is the only U.S. wireless carrier to offer RolloverSM, the wireless plan that lets customers keep their unused monthly minutes. Cingular is the largest provider of GSM services in the United States, and has a 100 percent digital GSM/GPRS footprint across its service area. It also launched the world's first commercial deployment of wireless services using Enhanced Data rates for GSM Evolution (EDGE) technology. Cingular also provides corporate e-mail and other advanced data services through its GPRS, EDGE and Mobitex packet data networks.
Details of the company are available at http://www.cingular.com.
About Triton PCS
Triton PCS (NYSE: TPC), based in Berwyn, Pennsylvania, is an award-winning wireless carrier providing service in the Southeast. The company markets its service under the brand SunCom, a member of the AT&T Wireless Network.
Triton PCS is licensed to operate a digital wireless network in a contiguous area covering 13.8 million people in Virginia, North Carolina, South Carolina, northern Georgia, northeastern Tennessee and southeastern Kentucky.
About AT&T Wireless
AT&T Wireless (NYSE: AWE) is the second-largest wireless carrier, based on revenues, in the United States. With 21.737 million subscribers as of June 30, 2004, and revenues of more than $16.9 billion over the past four quarters, AT&T Wireless delivers advanced high-quality mobile wireless communications services, voice and data, to businesses and consumers, in the U.S. and internationally.
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