DOJ approves Cingular / AT&T Wireless deal

Oct 25 2004 - 03:16 PM ET | AT&T Wireless, Cingular
The US Department of Justice has just approved Cingular's $41 billion buyout of rival carrier AT&T Wireless. The FCC is expected to announce its approval of the deal later today or possibly tomorrow. The DOJ approval is hinged on Cingular sell AT&T Wireless assets in markets where it would become the sole wireless provider. After the deal closes Cingular will become the largest wireless carrier in the US, with over 47 million customers. Currently Verizon Wireless holds the top spot, with just over 40 million customers. Investors are excited about the merger and what it could do for the whole industry.