AT&T Inc's (T.N) $1.9 billion offer for some of Qualcomm Inc's (QCOM.O) wireless licenses will be tied to a simultaneous review of AT&T's $39 billion proposed takeover of T-Mobile USA, U.S. communications regulators said in a letter sent late on Monday. The Federal Communications Commission, citing the many related issues, dropped the agency's informal 180-day timeline for review of the Qualcomm deal. The move could significantly delay completion of the smaller Qualcomm deal because the review of AT&T's bid for Deutsche Telekom AG's (DTEGn.DE) T-Mobile is expected to span at least into the first quarter of 2012. Qualcomm said swift action on its deal was in line with the FCC's goal to free up more airwaves for mobile broadband use. The company said the deal would not only re-purpose unused spectrum for wireless Internet services, but it would also allow it to invest and deploy more spectrum efficient technology. "The FCC should approve the pending AT&T-Qualcomm spectrum sale now because of the clear benefits to the public from the sale that stand on their own and are totally unrelated to the proposed AT&T-T-Mobile merger," Dean Brenner, vice president of government affairs for Qualcomm, said in a statement.
AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide. Shares of T traded higher by 2.2% or $0.6099/share to $28.31. In the past year, the shares have traded as low as $26.20 and as high as $31.94. On average, 23930300 shares of T exchange hands on a given day and today's volume is recorded at 41572248.
QUALCOMM Incorporated (Qualcomm) designs, manufactures and markets digital wireless telecommunications products and services based on its code division multiple access (CDMA) technology and other technologies. Shares of QCOM traded higher by 3.93% or $1.8601/share to $49.15. In the past year, the shares have traded as low as $37.45 and as high as $59.84. On average, 14258200 shares of QCOM exchange hands on a given day and today's volume is recorded at 14839596.
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