Qwest May Sell Unit to Verizon Wireless
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Qwest Communications International Inc., seeking to reduce $26.3 billion in debt, may sell its mobile-phone business to Verizon Wireless Inc. for as much as $1 billion, people familiar with the talks said.
Qwest, the biggest local-phone company in 14 Western U.S. states, is selling assets after reporting nine straight quarterly losses. Alltel Corp., a rural-service provider in the Southeast and Midwest, also has considered buying the business.
Shares of Denver-based Qwest were unchanged at $2.85 on the NYSE. New York-based Verizon Communications Inc., which controls Verizon Wireless, rose 23 cents to $29.66 on the NYSE.
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