"NTT DoCoMo and AT&T formed a long-term partnership to develop wireless multimedia applications. The alliance enabled users to access HTML applications and content on mobile wireless terminals and allows the two companies to promote common global standards" (att.com). In addition to the stock purchase, "NTT DoCoMo acquired five-year warrants to buy the equivalent of an additional 41.7 million shares of AT&T Wireless tracking stock at $35 per share. With the influx of cash, AT&T created a wholly owned subsidiary in order to develop multimedia applications for its current network. This symbiotic relationship allowed both companies to share technical resources and support staffing of the new unit". "This alliance allows AT&T Wireless to realize its vision of creating a high-performing mobile Internet more quickly than we anticipated," said John D. Zeglis, chairman and CEO of AT&T Wireless. "Together, AT&T Wireless and NTT DoCoMo will take wireless communications to a new place, bringing our customers leading edge wireless data applications and an exceptional service experience" (att.com)
This joint venture transformed the tracking stock helped by NTT DoCoMo into AT&T Wireless common stock when the spin-off of AT&T Wireless from AT&T Corp occurred. Subsequently, AT&T reduced its retained interest in the Wireless Group by 178 million shares and received $20.50 per share from NTT DoCoMo.