DALLAS — Southwestern Bell Corp. said Thursday that it has agreed to buy the domestic cellular telephone business of Associated Communications Corp. in a $680-million stock swap.
The deal will boost Southwestern Bell's cellular phone operations in Upstate New York, where the company recently said it would buy another batch of cellular properties.
"This acquisition is in line with one of our major growth strategies, which is to expand wireless services into new national and international territories," said Edward Whitacre Jr., Southwestern Bell's chairman and chief executive.
The deal includes Associated's properties in Buffalo, Rochester, Albany and Glen Falls, N.Y.
In November, Southwestern Bell agreed to buy adjacent cellular phone properties in Syracuse, Ithaca and Utica. Terms of that sale, which is pending, were not disclosed.