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News | 07/09/2001 4:00 am EDT

AT&T Wireless boosts stake in Rogers Wireless to 34%
AT&T Wireless has bought British Telecom’s stake in Rogers Wireless Inc for more than $500 million. This purchase increases AT&T Wireless’ stake in the Canadian company to 34 per cent and gives BT an influx of cash to better deal with its mounting debt. The British company announced late last year that it was considering unloading its stake in Rogers to focus more on core activities. Analysts have speculated that the stage is now set for Rogers to sell its wireless unit to AT&T once current limits on foreign ownership of telecom companies are relaxed. However, both companies have stated that the increased investment is simply a strengthening of their current relationship. Last month, Rogers announced plans to buy out minority shareholders in a bid to take the company’s wireless arm private.

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