MCI, Qwest in advanced discussions
Qwest Communications International Inc. is in advanced discussions to buy MCI Inc., as MCI used a potential alternative with companies such as Verizon Communications Inc. and BellSouth Corp., said sources close to the negotiation.
The discussions remain vary, as Ashburn-based MCI, for the best offer, as soon as they can, “said the sources spoke on condition of anonymity, while the private conversations continue. Qwest’s offer, sources said, is approximately $ 6.4 billion in reserves, up to the market value of MCI.
MCI has actively participated in a buyer for one year, sources. But the prospect of a merger has taken on new urgency, given that this week’s announcement that SBC Communications Inc. plans to buy distance giant AT & T Corp. for $ 16 billion.
A Qwest-MCI deal could be reached sooner than Monday, said a Wall-Street source close to the negotiations. Spokesman of MCI, Qwest, Verizon and Bell South refused to comment. After the Wall Street Journal reported the discussions MCI Quest yesterday, shares of MCI rose 47 cents or 2.4 per cent to nearly $ 20.15. Qwest share increased 20 cents or 4.8 per cent to nearly $ 4.40.
Many analysts and insiders of the industry have welcomed the potential merger with scepticism. You said that MCI and Qwest as a whole is not necessarily a situation of fierce competition, a new entity SBC and AT & T.
“From a long-term strategy, it makes no sense,” said Muayyad Al-Chalabi, an analyst with South San Francisco-based research company RHK Inc. Qwest is the weakest financially and strategically between regional companies telephone, he said.
“The question is whether they are together, we get something wrong or something better?”
Neither yet Qwest, MCI has a wireless network. Cellular service is the largest generator of growth for companies such as Sprint, Verizon and SBC.
MCI’s most valuable property is the basis for business customers, which requires that a network can carry voice and Internet traffic and in large cities. But Qwest’s local telephone network to connect to many of these areas, thus reducing network costs. Denver-based Qwest-14-state network of most rural countries such as Arizona, New Mexico, Utah, North Dakota, South Dakota and South Colorado, with its biggest markets in Seattle, Denver, Minneapolis and Phoenix.
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