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BellSouth to Grow Network in Buyout

September 13, 2000|Reuters

BellSouth Corp. said it would buy out its partners in BellSouth Carolina PCS, which provides wireless telephone service in North and South Carolina and northeast Georgia, for about $885 million in a move to expand its wireless network. BellSouth, a local phone company, said the PCS (personal communications services) property will be included in the joint venture it plans to forge with another Baby Bell, SBC Communications Inc. Under the deal, BellSouth's PCS unit will buy the 20% stake held by DukeNet Communications, a unit of Duke Energy Corp., the 10% interest held by Caronet Inc., a unit of CP&L Energy Inc., and 14% from 30 independent phone companies. BellSouth will pay $20 million for each 1% ownership stake in the partnership. Atlanta-based BellSouth gained 69 cents to close at $39.31 on the New York Stock Exchange.

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