AT&T yesterday said it will separate out its wireless business into a new company called AT&T Wireless Group.
AT&T Wireless Group will encompass all of AT&T's mobile and fixed-wireless technology and related spectrum rights and licenses, according to a statement from the company. The group will also manage all of AT&T's existing wireless businesses, including wireless networks, operations and facilities and interests in partnerships and affiliates providing wireless services in the US and around the world, the statement said.
The new group will focus on four areas of wireless growth: voice and data mobility, fixed wireless, international wireless and e-business investments, according to AT&T.
AT&T Wireless Group, which will be represented by a new class of AT&T common stock, will be headed by John D. Zeglis, currently president of AT&T, as chairman and chief executive officer, according to a statement from the company. AT&T plans to conduct an initial public offering for AT&T Wireless Group in the second quarter, the company said.
AT&T's board of directors approved the creation of the new group at a special meeting last night, and shareholder approval will be sought by proxy in the second quarter, the company said.