SBC Reportedly Plans to Sell Sterling Unit
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SBC Communications Inc. plans to sell its Sterling Commerce software unit for about $1.5 billion, according to people familiar with the matter. SBC bought the unit two years ago for $3.5 billion in cash, which represented a 48% premium to Sterling Commerce’s share price at that time.
The second-biggest U.S. local phone company had to take a $1.8-billion write-down on the electronic-commerce software unit in the first quarter because of the decline in its value.
Larry Solomon, a spokesman for SBC, declined to comment.
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