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Technology Stocks : AT&T -- Ignore unavailable to you. Want to Upgrade?

To: Curt Whitaker who wrote (2034)	3/12/1999 3:14:00 PM
From: Ed Stines	Read Replies (1) \| Respond to of 4298

U.S. Approves ATT Purchase Of IBM Network (Last updated 1:59 PM ET March 12) Current quotes (delayed 20 mins.) T 81 11/16 -7/8 (-1.06%) IBM 179 1/8 -3 3/4 (-2.05%) WASHINGTON (Reuters) - The U.S. Justice Department will allow AT&T Corp. to purchase IBM's global data communications network, the companies said Friday. The U.S. antitrust regulator informed the companies that it had completed its review of the $5 billion transaction and would take no further action, the companies said. European regulators are still reviewing the deal. Under the deal announced on Dec. 8, AT&T would buy IBM's Global Network for $5 billion in cash, marking the telephone giant's most recent move to expand its international reach and its fast-growing data business. Analysts have said the deal will help AT&T leap-frog into a leading position in providing communications services to large firms and bolster its international venture with British Telecommunications Plc . IBM's Global Network provides data networking services for clients, including setting up and managing their internal networks and providing Internet connections. It serves about 35,000 companies in more than 100 countries and provides Internet access to more than 1 million individual users in 59 countries. IBM, International Business Machines Corp., set up the division in 1981 but has said it no longer needs to own its own network as phone companies are now in the business. As part of the deal AT&T will handle much of IBM's data and voice services. IBM's stock was down $3.75 to $178.875 and AT&T shares were down $0.75 to $81.8125 in midday trading.