Business services outsourcing provider Convergys Corp. says it will sell its holdings in cellular partnerships in the Cincinnati area to AT&T Inc. for about $320 million in cash.
Convergys received limited partnership interests in Cincinnati SMSA and Cincinnati SMSA Tower Holdings as a result of its 1998 spinoff from Cincinnati Bell Inc. Convergys says the two properties make up the cellular partnerships.
Convergys expects the sale to generate net after-tax proceeds of about $250 million.
Cincinnati SMSA provides wireless communications in central and southwestern Ohio and northern Kentucky. Cincinnati SMSA Tower Holdings is a cellular tower holding company for Cincinnati SMSA.
The companies say regulatory approvals are not required because Dallas-based AT&T is acquiring remaining minority interest in partnerships it already controls. They expect the sale to close in July.