Craig McCaw has long had a vision of building a national cellular network that could reach every home, business, car, plane, and shirt-pocket telephone. Now, he may have the money to do it.
AT&T and McCaw Cellular Communications announced on Nov. 4 that they were discussing a deal to give AT&T one-third of McCaw. AT&T would buy 47 million newly issued McCaw shares at $42 each and would pay $49 for 35.8 million shares owned by British Telecom. The $2 billion netted by McCaw would help pay off its $5.3 billion in debt. It would also let McCaw sell its service under the formidable AT&T brand name. Eventually, the deal could give AT&T control of McCaw.