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AT&T Seals Two More Deals
Posted: 28-Feb-2001 [Source: AP]

[AT&T sheds stake in Japan Telcom, just three months after its alignment with NTT DoCoMo.]

New York -- "Rapidly chiseling away at its mountain of debt, AT&T Corp. has struck two separate deals to sell its 10 percent stake in Japan Telecom Co. for $1.35 billion and some cable TV systems in four states for about $2.2 billion.

"The transactions, unveiled Tuesday, will help reduce AT&T's debt to about $42.5 billion, down from a peak of $62 billion in the fall. Credit agencies warned AT&T to reduce its debt load when the company announced plans to split into three independent companies.

"The Japan Telecom stake is being sold to Vodafone Group PLC, giving the British wireless company 25 percent of Japan's third biggest phone company.

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