To: David Wiggins who wrote (2230 ) 12/22/1999 5:41:00 PM From: MrGreenJeans Respond to of 3175
Bell Atlantic, Vodafone Buy Wireless Licenses for $357 Million Bell Atlantic, Vodafone Buy Wireless Licenses for $357 Million New York, Dec. 22 (Bloomberg) -- Bell Atlantic Corp. and Vodafone AirTouch Plc said they bought the 20 percent of a partnership that holds wireless telephone licenses in three Texas markets that they didn't already own for $357 million. The companies, which are combining their U.S. wireless assets to gain coast-to-coast coverage, are buying the interest in PrimeCo Personal Communications LP's Dallas/Fort Worth, San Antonio and Houston markets from closely held TXU Communications. The Texas licenses cover an area with about 21 million people. Bell Atlantic, the No. 2 U.S. local phone company, and the former AirTouch Communications Inc. formed PrimeCo in 1994 to connect their networks and offer nationwide service. Having a national network cuts operating costs by decreasing the number of calls subscribers place on rival companies' networks. Bell Atlantic and Vodafone to split up PrimeCo in August, seven months after Bell Atlantic lost a bidding war for AirTouch to the U.K.'s Vodafone. A month later, Bell Atlantic and Vodafone formed the new venture, which will also hold GTE Corp.'s wireless assets and will be the largest U.S. wireless company, with about 20 million subscribers. Bell Atlantic has agreed to buy Irving, Texas-based GTE for about $92 billion. The Texas transaction is expected to close in January. In New York Stock Exchange trading, New York-based Bell Atlantic fell 1 5/16 to 64 5/16, while Vodafone AirTouch's American depositary receipts rose 5/16 to 48 3/16. GTE fell 2 1/2 to 72 1/4.