Ending weeks of waiting, American Telephone & Telegraph Co. and NCR Corp. have signed a definitive agreement for the telephone giant to buy the nation's fifth-largest computer maker in a $7.4 billion stock swap.

The New York-based telephone giant has been pursuing NCR since last December, when it unveiled a takeover bid worth about $6.12 billion, or $90 a share.NCR, based in Dayton, Ohio, originally resisted the offer, at first saying it would remain independent and later saying it was worth much more than AT&T's offered price.

Under the pact, AT&T said it would pay $110 of its stock to NCR shareholders for each of their shares.