TECHNOLOGY & TELECOMMUNICATIONS
From Times Staff and Wire Reports
AT&T; Buys $400-Million Stake in McCaw: The telecommunications giant bought $400 million of new McCaw Communications Inc. stock in a deal designed to give the nation’s biggest cellular phone company a fresh injection of cash. The transaction, which McCaw initiated as part of a proposed $3.8-billion equity investment by AT&T;, gives AT&T; a 7% stake in McCaw and a seat on its board. Kirkland, Wash.-based McCaw sold the stock under a deal guaranteeing it new capital if no final agreement on the overriding investment surfaces by late this month.
