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Article: Telecom free-for-all: Qwest wants to buy US WEST, Frontier; Qwest up against Global Crossing; bid comes days after BellSouth begins its own move on Qwest.(Company Business and Marketing)
- Article from:
- Network World
- Article date:
- June 14, 1999
- Author:
CopyrightCOPYRIGHT 1999 Network World, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Qwest yesterday announced a bid to acquire US West and Frontier for a total of $55 billion in cash and equity. The deal would create a combined global communications company valued at $87 billion, Qwest said in a statement.
This announcement pits Qwest against Bermuda-based long-distance company Global Crossing, which is already in the process of acquiring both US West and Frontier.
Last month, Global Crossing made a $35.5 billion bid for US West, and then raised its earlier offer for Frontier from $11.2 billion to $12.5 billion.
Qwest said that its bid is both financially and strategically a better fit than Global Crossing's pending ...