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Wireless talks confirmed
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January 3, 1999: 11:07 p.m. ET
Bell Atlantic, AirTouch confirm rumors of negotiations, but won't say more
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NEW YORK (CNNfn) - Bell Atlantic and AirTouch Communications confirmed Sunday that they are in talks about a possible merger.
Rumors about a possible deal had swirled in the marketplace since last week, with a price tag up to $45 billion if Bell Atlantic (BEL), the big regional phone utility, acquired AirTouch (ATI), which serves more customers with wireless phone services than any other carrier.
In a statement issued Sunday, AirTouch emphasized that its board of directors had not approved any deal and that "significant issues remain unresolved."
Both companies, having confirmed the negotiations, said in their press releases that they would have nothing further to say until they reach a definitive deal or break off talks.
A combination would vault Bell Atlantic into the forefront of wireless communications nationwide, and it would put additional pressure on other telecom companies -- including AT&T Corp. (T), Sprint PCS (PCS) and MCI WorldCom (WCOM) -- to push for further consolidation in the industry nationally and worldwide, analysts say.
Shares of Bell Atlantic (BEL) ended down 3-1/2 at 54 in New Year's Eve trading on the New York Stock Exchange. AirTouch shares (ATI) climbed 3-1/16 to close at 72-7/16.
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