AT&T Calls on 'Deal Team'

When AT&T approached Wall Street about its plan years ago to buy T-Mobile, it shocked bankers with the amount of work it had already done.

"When we got their materials, you sort of threw up your hands and said, 'OK, so what are we going to do on this?'" said one banker who advised on the failed attempt.

The work was the product of AT&T's internal merger team, a group of about 20 people that the company has turned to again and again as it built itself up from a Midwestern regional carrier into the country's largest telecom by revenue. Now, the team is active again with talks to buy satellite-television provider DirecTV in a deal that could be valued at nearly $50 billion, people familiar with the matter said.

Working through such options falls in large part to a deal team that is unusually powerful within the company and unusually independent when it comes to working with Wall Street. The group has completed more than a quarter of a trillion dollars in acquisitions over the past two decades, including debt, according to data from Dealogic.

The team also weighs in on key business decisions. It was called in to review AT&T's initial deal with Apple to carry the iPhone, giving a crucial thumbs-up to the unusual agreement, a person close to the decision said. Its leader, Rick Moore, is present at most AT&T board meetings, other people familiar with the matter said.