AT&T, BT Joint Venture Clears US Hurdle
LONDON, UK, June 30 -- British Telecommunications PLC and AT&T Corp. have obtained US antitrust clearance for their $10 billion global joint venture. This is a major milestone, a BT spokesman said. We've said all along that we expect the approval process to be completed by the autumn, and we're on track for that still. The final remaining regulatory hurdle for the venture is approval from the US Federal Communications Commission (FCC).
Regulators had been expected to clear the deal after the European Commission approved the venture in March contingent upon AT&T selling its British long-distance unit, ACC UK. The 50/50 joint venture, initiated last July, will enable the two companies to offer combined voice, data and Internet services to the lucrative multinational business telecommunications market.
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