|AT&T Wireless sells interest in Rogers Wireless|
Posted: 14-Sep-2004 [Source: AT&T Wireless]
[AT&T Wireless' 34 percent interest in Rogers Wireless to be sold to Rogers Communications, Inc. for US $1.372 billion.]
Redmond, WA -- AT&T Wireless announced that, on behalf of JVII General Partnership ("JVII"), it had reached agreement for JVII to sell its 34 percent interest in Rogers Wireless to Rogers Communications Inc. for US $1.372 billion (C$1.767 billion, or C$36.37/share) cash.
Closing is expected early in the fourth quarter. At close, the shareholders agreement currently in place between Rogers Wireless and AT&T Wireless will terminate.
"For several years, we've been focused on identifying and monetizing non-strategic assets, at the right value, to fund growth in our core wireless business," said John Zeglis, AT&T Wireless Chairman and CEO. "During this period, we have sold minority investments in Taiwan, Indonesia, the Czech Republic, and other countries. The sale of our interest in Rogers is simply another step in our execution of this long-term plan."
AT&T Wireless said the sale of its ownership interest in Rogers Wireless does not impact the extensive voice and data roaming capabilities already in place between the two companies. Customers of both companies will continue to enjoy the benefits of seamless roaming across the United States and Canada on advanced, next generation GSM/GPRS networks.
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