updated 9/13/2004 1:30:57 PM ET 2004-09-13T17:30:57

Canada's largest cable company, Rogers Communications Inc., Monday said it will pay $1.33 billion for the 34 percent stake in Rogers Wireless Communications Inc. owned by longtime American partner AT&T Wireless Services Inc.

Rogers Wireless is one of Canada's leading cell-phone companies, with more than 3.9 million subscribers. Rogers Communications already owns 56 percent of the company. The remaining 10 percent of the shares are publicly traded.

AT&T Wireless, which is based in Redmond, Wash., first announced in April its intention to sell its stake in the Canadian cell-phone network because the U.S. company was being absorbed by Cingular Wireless.

However, AT&T Wireless rejected Rogers' initial offer of $1.13 billion.

Under the deal announced Monday, Rogers Communications will buy 48.6 million shares from AT&T Wireless for 36.37 Canadian dollars ($28.18) each.

The deal still needs to be approved by the boards of the companies, Rogers said.

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