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AirTouch renews deal to buy U S West mobile-phone unit

DENVER -- AirTouch Communications Inc. today renewed a deal to buy the domestic mobile-phone business of U S West Inc., five months after the elimination of a federal tax loophole killed an earlier proposal. AirTouch said it would pay $4.3 billion in common and preferred stock for the Baby Bell unit, more than it originally offered in stock. AirTouch officials said they were able to renew the deal in part because the value of the company's stock has nearly doubled since the initial proposal. In addition to stock, AirTouch is assuming $1.4 billion in U S West debt.
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