ATLANTA-Following up on a non-binding letter of intent regarding the exchange of operations signed in early July, Cingular Wireless L.L.C., AT&T Wireless Services Inc. and Triton PCS signed a definitive agreement. The deal, which is contingent on the closing of Cingular’s pending acquisition of AWS, will swap select Cingular properties in North Carolina and Puerto Rico for Triton PCS’ properties in Virginia.
The deal also calls for Triton PCS to receive $175 million in cash and will allow Cingular to compete against Triton in markets that were previously forbidden by AWS’ non-compete clause with Triton PCS. In addition, AWS and Triton PCS employees in the markets being exchanged will transition with the business.
Cingular’s acquisition of AWS is expected to close by the end of this year.
