SBC-AT&T merger is finalized

SAN ANTONIO, Nov. 19 (UPI) -- SBC Communications Inc. has closed its $16 billion purchase of AT&T Corp., resulting in the nation's largest telecommunications provider.

The new company will be called AT&T Inc., and is expected to bring an influx of high-level jobs to San Antonio, the San Antonio Express-News reported.

The last regulatory hurdle to the deal was cleared on Friday when the California Public Utilities Commission voted 4-1 to approve the transaction. The Federal Communications Commission and Justice Department approved the deal several weeks ago.

"This makes the equation pretty complete for us," said Edward E. Whitacre Jr., AT&T's chairman and chief executive officer. "There's not much now that we don't have the assets to do."

The new company will provide local, long-distance, Internet, data services and cellular service through Cingular Wireless, its joint venture with BellSouth Corp.

Whitacre said the new company would maintain its headquarters in San Antonio. Mayor Phil Hardberger said company officials told him to expect an influx of AT&T workers, including high-ranking executives -- but they didn't tell him how many jobs might come to the city.