Two months ago, Deutsche Telekom AG ’s head of the U.S. told investors in New York that its wireless unit there was “ready to turn the business around” with the “best” fast Internet network to win back customers. Yesterday, it decided to sell instead.
Deutsche Telekom AG shares surged the most since 2008 after the company agreed to sell its U.S. wireless unit to AT&T Inc. for $39 billion, a price that exceeded analyst expectations and allows it to slash debt.
New York Attorney General Andrew Cuomo , who is probing the death-benefits industry for fraud, subpoenaed Northern Trust Corp. and Open Solutions Inc. for records tied to life-insurer clients, said a person with knowledge of the demands.
Softbank Corp., in talks to buy a majority stake in Sprint Nextel Corp., is seeking to avoid the pitfalls that have soured investments in the U.S. telecommunications industry by the biggest phone companies.