AT & T (NYSE:SBC)
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Today marks the birth of AT&T Inc. and of a new
standard-bearer in communications, entertainment and service for the
21st century.
SBC Communications Inc. (NYSE:SBC) closed its acquisition of AT&T
Corp. today as California regulators approved the transaction -- the
final approval needed for the merger of the companies' highly
complementary networks, product portfolios, capabilities and shared
heritage. The combined enterprise will immediately begin a
well-planned integration process, allowing the new AT&T family of
companies to quickly deliver benefits for both customers and
stockholders.
Through its subsidiaries and affiliates, AT&T Inc. is the largest
telecommunications company in the United States and one of the largest
in the world. The combined company is the largest U.S. provider of
high-speed DSL Internet services and local and long-distance voice
services and the No. 1 provider of data services to the Fortune 1000.
The new AT&T owns 60 percent of Cingular Wireless, which is the No. 1
U.S. wireless services provider.
The combined company is now poised to lead the industry in one of
the most significant shifts in communications technology since the
invention of the telephone more than 120 years earlier -- the
deployment of integrated services based on Internet Protocol, giving
customers access to virtually any services, anytime, anywhere.
"We are ready to meet the needs of a new generation of customers
in a new era of communications and entertainment," said Edward E.
Whitacre Jr., chairman and CEO of AT&T Inc.
"The combination of SBC and AT&T companies gives us the local,
global, and wireless network resources and the expertise to set the
standard for delivering meaningful innovations and making the promise
of integrated communications and entertainment a reality for consumers
and businesses," Whitacre said. "This combination is more powerful
because of our shared heritage of innovation, service quality,
reliability and integrity."
Ticker Symbol Announced, New Mark to be Unveiled Nov. 21
On Oct. 27, SBC announced that it would adopt the AT&T Inc. name
following merger close. Today, the company announced that it will
begin trading under the "T" symbol on the New York Stock Exchange on
Dec. 1. In the interim, it will trade under the existing "SBC" symbol.
A revitalized corporate logo will be unveiled on Monday, Nov. 21,
the company's first full day of operation as the new AT&T.
Immediate Benefits for Businesses, Consumers
Global, national and regional businesses, as well as federal
government agencies, now will be able to make a single call for local
network access and global backbone connectivity, as well as wireless
services, backed by industry-leading customer care and security
features. The AT&T IP backbone network, with its industry-leading
software infrastructure, gives these customers the control and
flexibility to manage their own networks and deliver a wide range of
applications in a secure, reliable way.
Residential and small-business customers will realize the benefits
of new IP communications innovations more quickly and effectively as
well, because the new AT&T companies will take solutions created for
large businesses and adapt them for smaller businesses and consumers.
The new AT&T companies will deliver fiber-powered broadband
connections to millions of homes and small businesses, enabling
customers to take advantage of IP video and other emerging
applications with content delivered over the new AT&T IP backbone
network. Additionally, the new AT&T companies will make
cost-competitive, convenient communications service bundles available
to millions of new U.S. customers; details about those bundles will be
available in the coming weeks.
The New AT&T Focused on Seamless Integration
The new AT&T management team will immediately launch a thoroughly
planned integration of the two companies' networks, product
portfolios, customer care teams and overall operations to ensure a
smooth, efficient transition. Through legally permissible ways, a team
of managers began integration planning soon after the original
announcement to help jump-start the transition after merger close. The
team's top priority is to ensure the highest levels of reliability and
service for customers during the transition.
"We are hitting the ground running on Day One so that our
customers and owners quickly realize the substantial benefits and
synergies of this merger," said Whitacre. "The integration teams have
been working for months to plan, solicit customer input and develop
road maps for a successful transition. Now that the merger is closed,
the teams are ready to execute and maximize the potential of this
combined company."
Customers -- residential, business and wholesale -- will not be
required to take any immediate action unless they want to make product
or other changes. They will continue to order services, pay bills and
request customer service from their current provider as they always
have. Details on new offers available for customers who purchase
services from both companies will be available in the coming weeks.
The New AT&T Leads Industry, Has Unmatched IP Assets, Commits to
Continued Giving
The new AT&T is uniquely positioned to lead the industry with
unsurpassed IP-enabled network assets and solutions. These assets
provide an unsurpassed platform for delivery of additional IP-based
services as they are developed.
The new AT&T will build on the strong records of community
involvement and investment by both the former AT&T and SBC companies.
The new AT&T expects to maintain more than $60 million annually in
charitable contributions and funding of community activities, placing
it among the top-five largest corporate foundations in the country.
The New AT&T Focused on Achieving Value for Owners
The former SBC has a strong, well-established track record of
delivering solid value from merger integration efforts. The creation
of the new AT&T will be no exception. The transaction is expected to
yield a net present value of more than $15 billion in synergies, net
of the cost to achieve them. The new AT&T will provide details on
operational plans along with an updated financial outlook for the
combined company, including expected synergies, at an investor
conference in New York City on Jan. 31, 2006.
Stockholders of the former AT&T received 0.77942 shares of SBC
common stock for each common share of AT&T. As part of the merger
closing, the former AT&T paid its stockholders a special dividend of
$1.30 per share.
As part of the merger close, three new members from the former
AT&T board of directors were added to the new AT&T board, bringing the
total to 18. New members are: David W. Dorman, William F. Aldinger,
and Jon C. Madonna; they will be appointed to existing committees.
The completion of the merger is the culmination of an extensive
10-month review process, which included review by or filings with 36
U.S. states and the District of Columbia, the U.S. Department of
Justice and Federal Communications Commission, as well as 14
countries.
Merger news is available at www.sbc.com/att.
About the New AT&T
AT&T Inc. is one of the world's largest telecommunications holding
companies and is the largest in the United States. Operating globally
under the AT&T brand, AT&T companies are recognized as the leading
worldwide providers of IP-based communications services to business
and as leading U.S. providers of high-speed DSL Internet, local and
long-distance voice, and directory publishing and advertising
services. AT&T Inc. holds a 60 percent ownership interest in Cingular
Wireless, which is the No. 1 U.S. wireless services provider with more
than 52 million wireless customers. Additional information about AT&T
Inc. and AT&T products and services is available at www.TheNewATT.com.
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