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Technology Stocks : Qwest Communications (Q) (formerly QWST) -- Ignore unavailable to you. Want to Upgrade?

To: Scotsman who wrote (4622)	7/19/1999 1:45:00 PM
From: RTev	Respond to of 6846

but I thought USW still held a significant percentage of GBLX. And they are just giving it back to GBLX? Perhaps they do, but I haven't heard of it. They bought a big chunk a few weeks ago. This is how it's explained in the Qwest press release at qwest.com In connection with the termination of the U S WEST and Global Crossing merger agreement, U S WEST paid Global Crossing a break-up fee of $140 million in cash and agreed to return $140 million in Global Crossing shares, valued at $62.75 per share, purchased by U S WEST in connection with its agreement with Global Crossing. Qwest advanced to U S WEST the $140 million cash payment and agreed to purchase $140 million in services from Global Crossing over four years at the best commercially available prices. The total breakup fee of $420 million -- split those three ways -- is far less than the $850 million breakup that USW and GBLX had originally agreed to as part of the original deal, especially since QWST will get $140 million in services rather than just forking over their case for the third part of the deal.