AirTouch Communications Inc will buy the 60% of Cellular Communications Inc it does not already own for $1,650m in cash and shares, the companies said. The acquisition comes less than a week after AirTouch’s former parent, Pacific Telesis Corp, agreed to be acquired by SBC Corp, the parent of Southwestern Bell, in a deal worth $23,800m (CI No 2,885). The latest deal, worth $55 a share, gives Cellular Communications shareholders a premium of almost $4 from the closing price of $51.19. The $1,650m tag includes assumption of about $200m of debt. AirTouch says that the buy moves it on in its quest for US-wide presence.
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