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Byline: Michael E. Kanell
Dec. 5--BellSouth and AT&T Wireless are swapping wireless properties, with AT&T getting Los Angeles and BellSouth getting Houston plus $1 billion in cash.
The deal announced Monday is meant to eliminate overlap in the service provided by Cingular Wireless, the company created by combining wireless units of BellSouth and SBC Communications.
BellSouth and SBC both had units in those two cities.
The deal calls for BellSouth to give up its minority stake in a joint venture serving Los Angeles, leaving AT&T with total control of that operation.
In return, BellSouth comes away with 100 percent of the company …