Denver, June 26, 2000 — Qwest Communications International Inc. (NYSE: Q), the broadband Internet communications company, today received approval from the Federal Communications Commission (FCC) to sell its long distance telephone business within the U S WEST, Inc. (NYSE: USW) region to Touch America, Inc.
This action completes formal FCC review of Qwest's merger with U S WEST. The FCC approved the merger on March 10, subject to review of Qwest's plan to divest its in-region long distance telephone business. This divestiture is required by the Telecommunications Act of 1996, and Qwest has been working on a smooth transition for customers since entering into its merger agreement with U S WEST last summer.
"We appreciate the FCC's prompt and careful review of our divestiture plan," said Steve Davis, senior vice president of government affairs for Qwest. "We regret that federal law requires us to sell this business in order to complete our merger. However, Touch America is an experienced company that will provide excellent service to our customers."
Qwest will complete the sale of its in-region long distance business to Touch America at the same time that it closes its merger. These actions are expected shortly. Qwest is not divesting its long distance business outside the U S WEST region, so customers in those parts of the country are not affected by this transaction. Qwest can reenter the long distance market in these states once it has satisfied certain requirements in the Telecommunications Act.
Qwest Communications International Inc. (NYSE: Q) is a leader in reliable, scalable and secure broadband Internet-based data, voice and image communications for businesses and consumers. The Qwest Macro Capacity® Fiber Network, designed with the newest optical networking equipment for speed and efficiency, spans more than 25,500 miles in North America. In addition, KPNQwest (Nasdaq: KQIP), Qwest's European joint venture with KPN, the Dutch telecommunications company, is building and will operate a high-capacity European fiber optic, Internet-based network that will span 12,400 miles when it is completed in 2001. For more information, please visit the Qwest web site at www.qwest.com.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Qwest with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including potential fluctuations in quarterly results, dependence on new product development, rapid technological and market change, failure to maintain rights of way, financial risk management and future growth subject to risks, adverse changes in the regulatory or legislative environment. This release may include analysts' estimates and other information prepared by third parties, for which Qwest assumes no responsibility. Qwest undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.
|Utah Media Contact
|Utah Media Contact