Cingular acquires AT&T Wireless

AT&T Wireless has accepted Cingular Wireless's buyout offer of $41 billion in cash, as Cingular outbid Britain's Vodaphone in the contest for the cell phone company. The merger will create the nation's largest wireless phone company, with 46 million customers, surpassing current leader Verizon's 37.5 million. The FCC okayed the merger Tuesday.