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AT&T Completes Largest Telecommunications Takeover in US History

U.S. telecommunications giant AT&T has completed an $86 billion buyout of BellSouth Corporation.

The deal was announced Friday shortly after the Federal Communications Commission gave its approval. It is the largest telecommunications takeover in U.S. history.

The combined company is the leading U.S. provider of traditional and wireless phone service. It will also have more than 10 million high-speed Internet customers.

Federal regulators approved the deal only after the company made additional concessions to ensure fair competition and consumer price protection.

The combined company will be based in San Antonio, Texas, and operate in 22 U.S. states. AT&T estimates that about 10,000 jobs will be phased out due to the takeover.

Some information for this report was provided by AP and Reuters.