Telekom buys $2B wireless assets from MediaOne - Oct. 22, 1999

News > International

Telekom's $2B cell deal

October 22, 1999: 3:51 a.m. ET

MediaOne sells Eastern Europe assets to Deutsche Telekom

LONDON (CNNfn) - Deutsche Telekom announced Friday it has agreed to pay $2 billion for the Eastern Europe wireless assets of U.S. firm MediaOne.
     Deutsche is acquiring wireless assets in Poland, Hungary and Russia, with a total of about 2.5 million cellular subscribers.
     Telekom chairman Ron Sommer said the acquisitions were "a logical expansion of Deutsche Telekom's presence in Europe."
     The assets being bought by Deutsche are adding 5,500 subscribers every day, according to the company.
     MediaOne (UMG) is in the process of being acquired by U.S. telecom colossus AT&T (T) in a $58 billion deal.
     Deutsche already owns shares in the Polish and Hungarian ventures, and when the latest deal is completed it will possess around 50 percent of their equity. The Hungarian businesses being acquired by Deutsche are to be passed on to its 60 percent-owned subsidiary Matav, the former state-owned Hungarian telecom monopoly.

RELATED STORIES
Telekom: big deal ahead - Oct. 11, 1999 Telekom pockets $7.7B - Oct. 5, 1999

RELATED SITES
Deutsche Telekom MediaOne
Note: Pages will open in a new browser window External sites are not endorsed by CNNmoney

© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy

Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer

Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.