AT&T to buy BellSouth for $65 billion

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AT&T to buy BellSouth for $65 billion

AT&T, the largest U.S. telephone company, agreed to buy BellSouth for about $65 billion to gain control of their shared wireless company and expand its local telephone business, people familiar with the matter said.

The companies will probably announce the deal later today, said the people who were briefed on the transaction. AT&T, based in San Antonio, owns 60 percent of Cingular Wireless, the nation’s No. 1 mobile-phone services company by subscribers.

Read the complete story here. (Bloomberg)