Tuesday, November 30, 2004

Cingular Forecasts Better Synergy from AT&T Wireless Acquisition

Cingular Wireless increased its financial guidance in the wake of closing the acquisition of AT&T Wireless. Key integration activities have been completed ahead of schedule. Cingular now expects to realize substantially increased operating synergies and reduced accounting impacts compared with the outlook it provided when the acquisition agreement was announced in February.

As a result, SBC, which owns 60% of Cingular, expects the AT&T Wireless acquisition to have significantly improved impacts on 2005-2007 earnings than earlier forecast. SBC also expects that excluding accounting costs, the acquisition will be earnings positive starting in 2006 - one year earlier than forecast in February. http://www.cingular.com


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