DENVER, June 20, 2000 — Qwest Communications International Inc. (NYSE: Q), the broadband Internet communications company, and U S WEST, Inc. (NYSE: USW), a leading provider of next-generation broadband and communications services, today received unanimous approval for their merger from the Washington Utilities and Transportation Commission (WUTC). Arizona is the only state in the 14-state region that has yet to approve the merger.
The Commission's approval is based on two earlier settlement agreements. The first was reached by the two companies with the staff of the Washington Utilities and Transportation Commission and the public counsel of the Washington Attorney General's office on retail service, rates and investment issues. The other was reached by the companies and Commission staff on key wholesale issues. Both include provisions to ensure continued investment in the state's core telecommunications infrastructure and continued service improvement by the merged company.
"Thanks to the hard work of regulators and their staff; the office of the Attorney General, and representatives from both companies, customers in the state of Washington will soon be served by an exciting new company that promises excellence in service and innovation," said Steve Davis, senior vice president of government affairs for Qwest.
The merger has received all required clearances from federal agencies, pending final approval of long-distance divestiture. The merger is expected to close by mid-summer.
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.
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