Spin-off of wireless unit may add US$10b to AT&T coffers

PUBLISHED : Tuesday, 07 December, 1999, 12:00am
UPDATED : Tuesday, 07 December, 1999, 12:00am

AT&T Corp, the largest United States telephone firm, is to separate its wireless business and sell shares in the fast-growing unit to the public next year in what may be the biggest initial public offering. The firm yesterday said the tracking stock would reflect the performance of AT&T's voice and data wireless business, interests in international wireless companies and its fixed-wireless operations that provided domestic telephone services. Analysts expect the sale to raise as much as US$10 billion for AT&T.