J.P. Morgan & Co., in its largest underwriting of equity, has won a spot as co-lead manager for Swiss Telecom's $3 billion to $4 billion privatization.

Morgan, which will work with SBC Warburg Inc., surprised the market by beating out a long list of top Wall Street firms. Traditionally, big privatizations in telecommunications have been led by Goldman, Sachs & Co., Morgan Stanley & Co., and Merrill Lynch & Co., experts said.

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