SBC/AT&T Merger Approved by New Jersey Regulators
Action in AT&T Home State Brings Companies One Step Closer to New Era of Global Communications Leadership
San Antonio, Texas, August 17, 2005
SBC Communications Inc. (NYSE: SBC) and AT&T (NYSE: T) today announced that the New Jersey Board of Public Utilities has approved the merger of the two companies, completing the regulatory review process in AT&T's home state and advancing the companies' goal of creating a communications provider that can effectively compete in today's rapidly changing global marketplace.
By bringing together the companies' complementary assets, the new company will be well-positioned to offer businesses and consumers greater choice in communications services, bring new technologies to market faster, and provide stable and secure jobs for its employees.
"All of us at AT&T want to thank the BPU commissioners and Acting Governor Codey for moving quickly on this issue which is important to our company and the state of New Jersey," said Jim Cicconi, AT&T executive vice president and general counsel. "We are especially pleased by their recognition of both the changing dynamics of the communications industry and how this merger will benefit customers and the New Jersey economy."
With today's decision, New Jersey becomes the 31st of 36 states to clear the merger, along with the District of Columbia.
"The BPU vote brings consumers and businesses across the country closer to the day when they will be able to enjoy the benefits of innovative communications services from the combined company," said Wayne Watts, SBC senior vice president and associate general counsel. "We look forward to similarly favorable decisions from the remaining five states as we move toward a new era in communications."
Merger review is also under way at the U.S. Department of Justice and the Federal Communications Commission.
The companies expect the merger to close late this year.
About SBC
SBC Communications Inc. is a Fortune 50 company whose subsidiaries, operating under the SBC brand, provide a full range of voice, data, networking, e-business, directory publishing and advertising, and related services to businesses, consumers and other telecommunications providers. SBC holds a 60 percent ownership interest in Cingular Wireless, which serves 51.6 million wireless customers. SBC companies provide high-speed DSL Internet access lines to more American consumers than any other provider and are among the nation's leading providers of Internet services. SBC companies also offer satellite TV service. Additional information about SBC and SBC products and services is available at www.sbc.com.
About AT&T
For more than 125 years, AT&T (NYSE 'T') has been known for unparalleled quality and reliability in communications. Backed by the research and development capabilities of AT&T Labs, the company is a global leader in local, long distance, Internet and transaction-based voice and data services.
