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Verizon completed its $8.4 billion purchase of MCI today,
creating the nation's second largest telecom carrier behind the new AT&T
, which itself is a newly formed merger between the former
long distance carrier and SBC.
Like the SBC-AT&T merger, the Verizon-MCI deal combines a Baby Bell with a
dominant long distance carrier. MCI brings to the table a 98,000-mile
network reaching into 140 countries.
MCI also has a number of large IP data-service deals with government
agencies and corporations.
The Baby Bells consider those long-term,
high-margin contracts crucial to their future prosperity as cable operators,
Voice over IP (define) upstarts and wireless carriers eat away at their
traditional telephone business.
washingtonpost.com: MCI to Continue Talks With Qwest::
our discussions with the MCI board to complete a merger agreement, Qwest said The takeover struggle began last month after Verizon and MCI reached an
http://www.washingtonpost.com/ac2/wp-dyn/A60931-2005Mar23?language=printerHOME |
MCI again rejects Qwest bid | ITworld::
The board of MCI Inc. has again rejected a takeover bid by Qwest Communications In a letter to MCIs top executives, Verizons Chairman and CEO Ivan Seidenberg
http://www.itworld.com/050406mciqwestHOME |
"This milestone for Verizon creates a new competitive force with the power
of the global MCI network and the reach of Verizon's broadband and wireless
networks in the U.S.," Verizon Chairman and CEO Ivan Seidenberg said in a
statement.
qwest communications inc. and verizon communications inc. Resources | BNET::
3, indies now takeover targets.(BellSouth Corp. Qwest Responds to MCIs Endorsement of Verizons Latest Bid Verizon completes Qwest buy.(News)
http://resources.bnet.com/topic/qwest+communications+inc.++communications+inc..htmlHOME |
The newly combined Verizon and MCI will have approximately $90 billion in
annual revenues and approximately 250,000 employees.
In May, Verizon won a lengthy battle with Qwest for MCI.
Ultimately, the long-distance and enterprise network services provider
deemed Verizon's $8.4 billion offer superior to Qwest's $9.7 billion
proposal.
MCI officials cited several reasons for denying Qwest, including concerns
about its overall financial picture; questions about its ability to invest
in new capabilities; doubts about synergies; and feedback from current
enterprise customers.
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Verizon Completes MCI Takeover