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AT&T sheds wireless arm in break-up

A popular tactic in these times of telco hardship...

By Will Sturgeon

Published: 9 July 2001 07:17 BST

US telecoms behemoth AT&T has taken a step closer to a four-way split of its operations with the spinning off of its wireless arm today.

The move is part of a major restructuring plan hoped to revive the company, which has been hit hard by the telecoms and technology downturn. However, talk of the restructuring have yet to re-invigorate AT&T stock.

According to the Financial Times AT&T Wireless will have 15.7 million subscribers, making it the third largest mobile operator in the US.

INvestors in AT&T will receive 0.3218 of a share in AT&T Wireless for every share they hold.

The move is similar to the steps being taken by UK incumbent BT which is currently preparing to spin-off its own mobile interests and create BT Wireless in the hope of reducing its debt mountain.

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