Randall Stephenson, AT&T Inc.'s Chief Executive Officer, along with his top assistants were outlining a wish list of buyouts of Europe's wireless carriers.  Telefonica SA and Vodafone Group Plc plus UK's cellphone venture EE were some of AT&T Inc.'s targets.

According to sources with knowledge of the company's future plans, Stephenson believed that the company would gain more customers through the acquisition. They added that an increase in revenues would transpire if they own the fourth-generation networks.

Price wars and regulations were expected to further erode the margins. Because of this, carriers from Europe were offering the world's best purchase values.

"Europe is stagnant and ripe for someone to look at it from a different perspective," Recon Analytics LLC's industry strategist, Roger Entner, stated when he was interviewed in a phone. "AT&T would look at this and rightfully say, 'We can do this better by bringing our playbook from the U.S."