Qwest said it’s buying back 22.22 million shares of its stock fro...
Qwest said it’s buying back 22.22 million shares of its stock from BellSouth for $1 billion ($45 per share). That will leave BellSouth with 51.8 million Qwest shares -- 3.1% of those outstanding. BellSouth also agreed to buy $250…
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million in services from Qwest over 5 years. BellSouth will pay for those services in Qwest stock over 4-year period. Qwest said it would continue its business relationship with BellSouth, which was developed to help both companies more effectively provide large business customers with complete packages of business services. Qwest said it agreed to repurchase its shares because it thought “Qwest stock is a good value at $45 per share.” BellSouth said funds would go toward its data and wireless operations.