ATLANTA—BellSouth Corp. closed its previously announced agreement with Dutch telecommunications provider Royal KPN, restructuring the relationship between the two companies.
Subscribe now to get the daily newsletter from RCR Wireless News
Under the agreement, BellSouth exchanged its 22.51-percent stake in German mobile operator E-Plus for 234.7 million shares of KPN, or 9.42 percent of KPN’s outstanding shares. BellSouth said it expects to record an after-tax gain of approximately $850 million based on KPN’s March 13 closing price.