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US West, Global Crossing Expected to Merge

May 17, 1999|Times staff and wire reports

Baby Bell phone company US West Inc. and telecommunications company Global Crossing Ltd. are expected to announce a merger possibly as soon as today, sources said. The transaction could involve US West purchasing 9.5% of Global Crossing for roughly $2.4 billion. The two companies would subsequently merge in a 50-50 stock combination, creating a company with $17 billion in annual revenue and a stock market value of $65 billion. Robert Annunziata, Global Crossing's chief executive, would share the top title at the new company with Solomon Trujillo, chief executive of Denver-based US West. If completed, the merger would marry Global Crossing's growing international fiber network with the far-flung local and wireless phone and Internet businesses of US West, which serves mostly rural regions in 14 states. Hamilton, Bermuda-based Global Crossing has management offices in Los Angeles.

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