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Cingular AT&T Buyout approved by FCC

The FCC today has approved the $40.7 billion cash acquisition Cingular Wireless submitted for the purchase of AT&T back in February. Several conditions were given to Cingular in respects to the deal, they are required to sell AT&T Wireless operating units and associated airwaves in 16 markets and 10MHz airwaves in Dallas and Detroit.

The also agreed that in the January airwaves auction, Cingular may not bid on any markets that would allow them to control or have greater than 10 percent or greater interest in 70 MHz of airwaves. Reuters has the full story.

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