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AT&T, BellSouth to Merge

On Sunday, AT&T Inc. and BellSouth Corp. announced a $67 billion agreement to merge the two companies

The merger will streamline the ownership and operations of Cingular Wireless, which is jointly owned by AT&T and BellSouth. The Cingular, BellSouth and AT&T networks will be combined into a single integrated wireless and wireline Internet Protocol network offering a full range of solutions.

The company says it will be better able to speed the convergence of new and improved services for consumers and businesses, and embrace the industry's shift to Internet Protocol network-based technologies.

The merger, which is subject to approval by shareholders of both companies, as well as regulatory authorities and to other customary closing conditions, is expected to close within approximately 12 months.

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