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BellSouth, SBC near deal
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March 30, 2000: 5:43 p.m. ET
Telecoms will likely announce merger of wireless businesses next week
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NEW YORK (CNNfn) - BellSouth Corp. and SBC Communications will likely announce a merger agreement between their U.S. cellular phone businesses, a source familiar with the negotiations said Thursday.
Both companies have been discussing a possible merger between their wireless assets for several weeks. Such an agreement would create a huge wireless network able to compete with industry leaders AT&T Corp., Bell Atlantic Corp., and Sprint PCS, which are quickly developing their own national networks.
 The source said both companies expect to announce the agreement sometime next week.
Larry Solomon, a spokesman for SBC, declined comment other than to say that the company does not discuss rumor or speculation.
San Antonio-based SBC, with $49.5 billion in annual revenue, has about 11.2 million wireless customers, mostly in the Southwest, Midwest and California.
Atlanta-based BellSouth, which has annual revenue of $25.2 billion, serves 5.3 million customers in the Southeast.
 Wireless companies have been racing to create national wireless networks in recent months to satisfy customer demand for coverage without "roaming" charges outside their home markets.
Shares of SBC (SBC: Research, Estimates) fell 9/16 to 41-11/16 on the New York Stock Exchange Thursday.
BellSouth (BLS: Research, Estimates) shares slipped 1/4 to 47 on the NYSE. 
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