Wireless Deal

TeleCorp PCS Inc., AT&T; Corp.’s largest wireless telephone affiliate, agreed to buy Tritel Inc., AT&T;’s No. 2 wireless affiliate, for about $5 billion in stock. The new company would be called TeleCorp PCS Inc. and would create a contiguous wireless network from the Great Lakes to the Gulf of Mexico. As part of the deal, AT&T; would give TeleCorp $100 million in cash as well as wireless licenses and rights to acquire licenses in Iowa and Wisconsin. TeleCorp shares fell $8.06 to close at $45.94, and Tritel rose $7.75 to close at $31.75, both on Nasdaq. AT&T; closed up $4.38 at $49.38 on the New York Stock Exchange.