AT&s;T announced Monday that it would acquire a 51 percent stake in iPhone maker Apple Inc. for $20 billion, a deal that will allow it to become a majority owner of the iconic Silicon Valley technology giant.
In a statement, AT&ing said the deal is expected to close by the end of the year.
“This is a transformational transaction for our company, for the world, and for Apple.
This acquisition will accelerate the pace of innovation, drive the growth of new services and allow us to accelerate our transformation strategy,” said Michael J. Smith, the company’s president and chief executive officer.
Apple’s stock has risen more than 10 percent since the deal was announced on July 12, but it has fallen below the $100 mark.
The deal would allow AT&ams to control the company from the outside, allowing it to develop new products and services at its headquarters in Cupertino, Calif., and at its retail stores in stores nationwide.
AT&.t has already bought stakes in Google and Twitter, as well as other companies.