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. Last Updated: 07/27/2016

Wireless Sell-Off

NEW YORK -- Ameritech Corp. announced a deal to sell about half of its wireless telephone business to a venture led by GTE Corp. for approximately $3.3 billion in cash.

For Ameritech's pending $62 billion acquisition by SBC Communications Inc. to win regulatory approval, one of the two companies had to sell a big piece of its wireless operation.

Federal rules prohibit companies from owning multiple wireless phone licenses in a single market. Because SBC and Ameritech's wireless units overlap in the Chicago and St. Louis areas, eliminating the conflict was a clear prerequisite to completing the deal.