📅 - Verizon (verizon.com) and MCI (mci.com) announced on Friday that they had completed a merger first announced last spring. Last May, Verizon acquired MCI in a deal worth approximately $8.5 billion. The price was lower than a bid tabled by Qwest Communications, but Verizon prevailed due to its strong financial position and potential for growth. The newly merged company will have 250,000 employees and be expected to generate $90 billion in annual operating revenue. Verizon will also be a strong player in the enterprise hosting space. MCI, according to Netcraft's numbers, is the world's ninth-largest host. "This milestone for Verizon creates a new competitive force with the power of the global MCI network and the reach of Verizon's broadband and wireless networks in the US," says Ivan Seidenberg, chairman and CEO of Verizon. Verizon also unveiled a new business unit Verizon Business, which will serve medium-sized businesses, large enterprises and government customers. John Killian will head the newly formed division. New products and services for the new division will be announced in the coming weeks, Verizon says. MCI's common stock will stop trading at the end of business on Friday.
Reads: 1748 | Category: General | Source: TheWHIR : Web Host Industry Reviews URL source: http://www.thewhir.com/marketwatch/Verizon_MCI_Complete_Merger.cfm
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