Anschutz Sells Qwest Shares to Credit Suisse

Qwest Communications International Inc.’s founder and largest shareholder, Philip Anschutz, has sold 80 million shares of the company to Credit Suisse Group, his spokesman confirmed Wednesday.

A sale of 66 million shares of stock for about $540 million on Tuesday had caught the attention of at least one analyst who had speculated the seller was Anschutz. J.P. Morgan analyst Jonathan Chaplin said the seller was probably Anschutz because of the size of the trade and the fact that Anschutz had sold stock recently.

Spokesman Jim Monaghan confirmed that Anschutz sold the stock in variable forward transactions to Credit Suisse with maturity dates through 2010, and Credit Suisse in turn sold the block of 66 million shares. A regulatory filing was made Wednesday with the Securities and Exchange Commission.

Monaghan declined to comment further. Qwest spokeswoman Diane Reberger said the company did not comment on market activity.

Anschutz is a billionaire with interests in oil, railroads and entertainment. One of his companies owns Staples Center in downtown Los Angeles.

Anschutz retired as a director of Qwest this year so he could concentrate on his growing private empire.

With Qwest expected to issue third-quarter results this month, Chaplin reiterated his positive outlook.

“We expect continued improvements in revenue trends, further margin expansion and continued strong growth in free cash flow,” he said.

Qwest’s stock dropped 18 cents to $8.19. The company is the primary phone service provider in 14 Midwestern and Western states.