BellSouth deal with AT&T approved by BellSouth shareholders

BellSouth deal with AT&T approved by BellSouth shareholders

The shareholders in BellSouth Corp. have finally approved the proposed sale of the company to AT&T Inc.

The deal is worth around $67 billion and it is expected to further expand the reach of the nation’s largest telecommunications provider.

As many as 97% of the participating members approved the deal which is now expected to be complete by the end of the current year.

Now, the deal would see the participation of AT&T shareholders who are also scheduled to vote on this deal.

AT&T has already said that after the deal is complete, they would be cutting as many as 10,000 jobs. These job cuts would take place over three years.

BellSouth Chief Executive Duane Ackerman added that the Cingular’s headquarters would remain in Atlanta for at least five years. He said: “It’s impossible to commit a future board to exactly what they will do forever.”

And both the companies have confirmed that after the deal is complete, the BellSouth and Cingular brand names will be phased out.