Arkansas Private Line Service Agreement between MCI Worldcom Communications, Inc. and Telocity, Inc.
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Verizon said the acquisition would accelerate its plans to become a significant player in the enterprise services market, giving it a broader reach globally plus a suite of advanced IP-based services and a large base of business and government customers.
Verizon will pay $4.8 billion in shares and $488 million in cash to buy MCI. Meanwhile, MCI will pay its shareowners quarterly and special dividends of $4.50 per share, worth $1.46 billion, bringing the total value of the deal to $6.7 billion, the companies said.
MCI Inc. MCI logoTrade nameVerizon Enterprise Solutions Verizon BusinessFounded1983Defunct2006FateAcquired by Verizon Communications in 20069 more rows
WorldCom would emerge from bankruptcy in 2004, rebranding itself as MCI, before being bought by Verizon. Prior to the acquisition, MCI was headquartered in Ashburn, Virginia.
Due to a large scandal, it declared bankruptcy and eventually broke itself from WorldCom ownership. It never fully recovered and eventually sold to Verizon in 2006. MCI was founded as Microwave Communications, Inc. on October 3, 1963.
The company was acquired by WorldCom (later called MCI Inc.) in 1998. Due to a large scandal, it declared bankruptcy and eventually broke itself from WorldCom ownership. It never fully recovered and eventually sold to Verizon in 2006.
WorldCom was a leading communications company that was acquired by Verizon Communications in January 2006. Known as MCI at the time of the merger, WorldCom's network assets are now part of Verizon Enterprise Solutions. WorldCom was originally founded in 1983 as Long Distance Discount Service, Inc.
In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business.
The MCI name disappeared in January 2006 after the company was bought by Verizon.
WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets.