The nuclear fusion reaction required approval from TeleCorp PCS shareholders as well as restrictive approval from the national Communications Commission and Department of Justice, and the merger was initially expected to close in the first half of 2002. According to Wireless Week, the merger have approval from the Federal Trade Commission in late November of 2002 (31). The merger was complete on February 15, 2002.
This transaction is not taxable to TeleCorp stockholders. For United States federal official income tax purposes, it was intended that either the Merger or the cabal of the Merger and the Follow-On Merger, commonly referred to as a stock swap. As such, it is qualified as reorganization within the meaning of fragment 368 of the Internal Revenue Code. Thus, the merger is not taxable to shareholders of TeleCorp who received AT&T stock when they tendered their shares of TeleCorp stock.
Prior to the acquisition, AT&T Wireless Services was the third largest United States mobile phone service provider, behind Verizon Wireless and Cingular Wireless . The two companies express they did not expect major layoffs to result from this acquisition, according to Carmen Nobel writing in eWe
"FTC Approves TeleCorp Buy." Wireless Week.7:48 (2001): 31.
Nobel, Carmen. "AT&T Acquires TeleCorp PCS" eWeek. 18:40 (2001): 38.
In plus to access to new subscribers, AT&T will be able to eliminate roaming charges that apply to AT&T customers when they procedure their phones on a network owned by TeleCorp or other affiliate.
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