CINCINNATI-Cincinnati Bell is buying out Cingular Wireless L.L.C.’s stake in a joint venture between the two companies. According to Securities and Exchange Commission filings by Cincinnati Bell, the company must pay $83 million for Cingular’s stake.
The sale is anticipated to close next month.
Cincinnati Bell said it will purchase the remaining 19.9 percent of the joint venture that it does not already own, after Cingular Wireless L.L.C. exercised a put right on the stake.
Cincinnati Bell Wireless L.L.C. is a joint venture between the two companies, with 80.1 percent owned by Cincinnati Bell and the remaining percentage owned by Cingular. The stake involved was originally owned by AT&T Wireless Services Inc. prior to the company being acquired by Cingular.
