AT&T FET Sale Proceeds

AT&T Wireless has received approximately US$250 million in cash in exchange for about 76 percent of its 22.74% stake in Far EasTone

October 23, 2003

1 Min Read

REDMOND, Wash. -- AT&T Wireless (NYSE: AWE) today announced it has successfully completed the first stage of a US$330 million sale of its stake in Far EasTone Telecommunications Co., Ltd. (FET), and has received regulatory approval to proceed with the second stage of the sale.

In the first stage of the two-stage transaction involving the same purchasers, AT&T Wireless received today, in $NT (Taiwan Dollars), approximately US$250 million in cash in exchange for about 76 percent of its 22.74 percent stake in FET. This transaction occurred through a tender by AT&T Wireless of its shares in response to an October 9, 2003 tender offer for FET shares by member companies of the Far Eastern Group (FEG).

Also today, AT&T Wireless announced receipt of regulatory approval in Taiwan to proceed with the second stage of the transaction, a private sale of the remaining 24 percent of its 22.74 percent stake in FET. This US$80 million transaction is expected to close by the end of the month.

The company said the sale of its interest in Far EasTone is consistent with a strategic focus on North America and is part of an ongoing plan to monetize non-North American assets.

AT&T Wireless was a founding partner of FET in 1996 when FET was awarded a nationwide 1800 MHz and a 900 MHz license for the northern region of Taiwan. FET currently has 4.3 million GSM subscribers, and is the third largest wireless operator in Taiwan.

AT&T Wireless Services Inc.

Far EasTone Telecommunications Co. Ltd.

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