Feeds

MCI airbrushed as Verizon takeover completed

MCI who?

High performance access to file storage

The MCI name is being airbrushed and replaced instead by a new logo following the completion of its takeover by US telco Verizon. After ten months of wrangling Verizon has finally completed its acquisition of MCI - the US telco formerly known as WorldCom most noted for being at the centre of an $11bn accounting scandal.

Announcing the completion of the deal on Friday, Verizon Chairman and chief exec Ivan Seidenberg described it as a "milestone for Verizon" as it creates "a new competitive force with the power of the global MCI network and the reach of Verizon's broadband and wireless networks in the US".

MCI's business operation has now been folded into Verizon and is now known as "Verizon Business". Further details of Verizon Business are due to be unveiled at a later date.

Verizon first announced plans to swallow MCI on Valentine's Day 2005 but things soon turned ugly when Qwest muscled in for a slice of the action.

Despite both Qwest and Verizon knocking lumps out of each other in what became an increasingly bitter takeover scrap, MCI finally opted for the $8.4bn bid from Verizon believing it was a safer bet than Qwest's $9.8bn offer.

As part of the completion of the deal Michael Capellas, the former president and CEO of MCI, is leaving the company.

Based in New York, Verizon has some 250,000 workers and generates annual revenues of around $90bn. ®

High performance access to file storage

More from The Register

next story
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.