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Article: Qwest Keeps Its Long-Distance Unit.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- June 15, 2009
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Byline: Avram Davis
Qwest Communications International Inc. has terminated its efforts to find a buyer for its long-haul network.
The Wall Street Journal reported that Level 3 Communications Inc. was expected to make an official bid. XO Holdings Inc. and TW Telecom Inc. were also reportedly interested in the company, though the preliminary bids were not high enough to motivate an asset sale.
In a statement, Qwest said there was "significant interest," but the company will attempt to develop the unit independently. Qwest hoped to sell the long-haul business for $2 billion to $3 billion though bids were reportedly under $1 billion.
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