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SBC snares SNET in new buy

Published on .

SBC Communications said it plans to buy Southern New England Telecommunications Corp. for $4.4 billion. SNET will become a wholly owned subsidiary of SBC in a deal executives hope to have completed by the end of 1998. SNET has a reputation for aggressive marketing in its home state of Connecticut, where it has a 40% market share in long distance after offering the service for only three years. Both companies offer wireless service in the Northeast; SNET in Connecticut, Rhode Island and western Massachusetts, and SBC through its CellularOne subsidiary in Boston, upstate New York and in the Baltimore/Washington market. SBC last April merged with Pacific Telesis in a $16.5 billion deal.

Copyright January 1998, Crain Communications Inc.

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