TELECOMMUNICATIONS

From Times Staff and Wire Reports

GTE Selling Stake in US Sprint: GTE Corp. will sell its remaining stake in US Sprint Communications Co. for $530 million to United Telecommunications Inc., the companies announced. GTE, a leading local telephone company, bought US Sprint in 1983, but sold 50% of the long-distance phone firm to United in 1986. GTE said in 1988 that it wanted to get out of the long-distance telephone business. United will pay $250 million in cash on the closing date, which is expected to be Jan. 31. The balance will be paid July 1.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
59°