AT&T to Acquire Cellular Assets for $320 Million

Business services outsourcing provider Convergys Corp. says it will sell its holdings in cellular partnerships in the Cincinnati area to AT&T Inc. for about $320 million in cash.

The purchase, which Convergys said does not need regulatory nods because AT&T already controls the operations, comes at a time when the wireless carrier is in a battle with regulators and competitors to gain support for its proposed $39 billion deal with T-Mobile USA.

"The sale of this non-core asset further simplifies our business, strengthens our balance sheet and gives our investors a clear view to the operating performance of our businesses," Chief Executive Jeff Fox said.

Telecommunication giant AT&T expects that any impact on its earnings and cash flows from the purchase of Convergys’ minority stake in these operations will be insignificant.

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