BellSouth announced Thursday that it closed the restructuring of its stake in the German wireless carrier E-Plus, a deal that will result in a one-time gain of $850 million for the U.S. telecom carrier. BellSouth said last January that it would exchange its 22.5 percent stake in E-Plus for 234.7 million shares of KPN, which represents a 9.42 percent stake in KPN.
In 1999, BellSouth bought out its partners' stakes in E-Plus to expand its ownership in the company. BellSouth then entered into a deal with KPN, which gave the two companies joint control of E-Plus and gave BellSouth the option to convert its 22.5 percent share of E-Plus into KPN shares or shares of KPN's wireless company, KPN Mobile. BellSouth initially invested about $150 million in E-Plus.