Justice Department Seeks Extension to Review AT&T-McCaw Acquisition

The US Justice Department has asked for a deadline extension until July 18 to file its response to AT&T's proposed acquisition of McCaw Cellular Communications Inc. The move comes as the department works out an agreement with AT&T to address antitrust concerns, with the two parties engaged in ongoing discussions. The proposed $12.6 billion purchase would combine the country's largest domestic long-distance company with the largest cellular company, pending approval from the Justice Department and a Federal court judge.

Key Takeaways:

• The Justice Department has requested an extension until July 18 to file its response to AT&T's proposed acquisition of McCaw Cellular Communications Inc.
• The proposed acquisition, valued at $12.6 billion, would combine AT&T's domestic long-distance business with McCaw's cellular operations.
• The two parties have been engaged in discussions to address the Government's antitrust concerns, with AT&T agreeing to expedite the submission of its final brief to the court.
• Both the Justice Department and a Federal court judge must approve the acquisition before it can be completed.
• The companies aim to complete the purchase by September.

Statistics:

• Proposed acquisition value: $12.6 billion
• Time extension requested by Justice Department: July 18
• Value of McCaw's cellular operations: Not specified
• Value of AT&T's domestic long-distance business: Not specified
• Deadline for submission of final brief: Next Wednesday
• Deadline for Justice Department response: July 18

Sources:

• [The New York Times]
• United States District Court