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ATLANTA—BellSouth Corp. closed its previously announced agreement with Dutch telecommunications provider Royal KPN, restructuring the relationship between the two companies.
Under the agreement, BellSouth exchanged its 22.51-percent stake in German mobile operator E-Plus for 234.7 million shares of KPN, or 9.42 percent of KPN’s outstanding shares. BellSouth said it expects to record an after-tax gain of approximately $850 million based on KPN’s March 13 closing price.
