Vodafone Group plc. will pay $1.35 billion in cash, or approximately $21,125 per share for the 10 per cent stake. The net after-tax proceeds to AT&T are expected to be approximately $1 billion. The proceeds will be split evenly between AT&T and AT&T Wireless.
AT&T acquired the Japan Telecom stake in August 1999 for approximately $612 million in consideration, consisting of cash and shares of AT&T Jens Corporation. AT&T decided to divest the Japan Telecom investment following the recently announced strategic alliance between NTT DoCoMo and AT&T Wireless.
NTT DoCoMo acquired shares of AT&T preferred tracking stock, equivalent to 406 million shares of AT&T Wireless tracking stock (an approximate 16% economic interest in AT&T Wireless) for $9.8 billion on January 22, 2001 in connection with its strategic alliance.
