AT&T (Morristown, NJ) and IBM (New York City) announced a series of strategic agreements under

AT&T (Morristown, NJ) and IBM (New York City) announced a series of strategic agreements under which AT&T will acquire IBM`s Global Network business for $5 billion in cash. The two companies also entered into outsourcing contracts with each other. IBM will outsource certain applications processing and data center management operations to IBM. The IBM Global Network business AT&T will acquire serves the networking needs of several hundred large global companies, tens of thousands of mid-sized businesses, and more than one million individual Internet users in 59 countries.