 The partnership grew in November 1992, when AT&T purchased 1/3 of the company for $3.8 billion.At the time, the company was generating $1.75 billion in annual revenue, and had two million Cellular One subscribers - far more customers than AT&T's earlier projections for all cellular use in the US, at a point almost ten years earlier.In 1994 the marriage of the two companies was consummated when AT&T purchased the rest of McCaw Cellular for $11.5 billion, at that time the second largest merger in US history, second only to the RJR Nabisco takeover documented in "".