[July 04, 2011] Convergys completes sale of minority interests in Cincinnati-area cellular partnerships to AT&T Tweet Jul 04, 2011 (M2 EQUITYBITES via COMTEX) -- Relationship management solutions company Convergys Corporation (NYSE:CVG) has completed the sale of its interests in the cellular partnerships in the Cincinnati metropolitan area to AT&T Inc (NYSE:T), the two companies said on Friday. AT&T acquired Convergys' minority interests in the Cincinnati SMSA Limited Partnership and an associated cell tower holding company for approximately USD320m. Convergys expects its net after-tax cash proceeds from the sale to be approximately USD250m, or USD2 per diluted share. Regulatory approvals for this transaction were not required because AT&T was acquiring minority interests in partnerships it already controlled. The company said that it continues to expect no significant impact on its earnings and cash flows from the deal. Convergys, meanwhile, said that it expects to announce its second quarter results in early August and at that time the company will update its full-year guidance to reflect cellular partnership-related impacts on EBITDA, EPS and free cash flow. Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]