Excel-Telco Merger Receives Early Termination of Waiting Period Under Hart-Scott-Rodino.DALLAS--(BUSINESS WIRE)--July 21, 1997--Excel Communications, Inc. (NYSE NYSE See: New York Stock Exchange :ECI ECI Employment Cost Index ECI Election Commission(er) of India ECI Enterprise Content Integration ECI Early Childhood Intervention ECI Environmental Change Institute ) and Telco Communications Group, Inc. (Nasdaq:TCGX) jointly announced today that the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976, as amended, has been terminated. Closing of the transaction merging the two companies is expected to occur in the fourth quarter. In June 1997, Excel announced a definitive merger agreement with Telco Communications Group, Inc. in a transaction valued at $1.2 billion. The merger will create a company with consolidated revenues of $2 billion and 11 billion long distance minutes of usage on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, more than 6.3 million customers and 100,000 network miles of DS-3 fiber optic capacity. Dallas-based Excel Communications Excel Communications was founded in 1988 by Dallas entrepreneur Kenny Troutt as a long distance reseller in the US telecom sector at the birth of telecom deregulation. , Inc. is the fifth largest long distance company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. in terms of presubscribed lines according to the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. . The company offers its subscribers a variety of communications products and services under the Excel branded name which include residential service, commercial service, paging service, and calling cards. Excel services are marketed exclusively through a nationwide network of Independent Representatives. Excel has more than 2,200 employees who support the corporate, network management, billing, teleservices and marketing functions of the company. Telco Communications Group, Inc. is one of the nation's ten largest long distance companies. Telco is a rapidly growing nationwide switch-based provider of a full spectrum of long distance telecommunications products and services targeting residential, commercial and carrier customers. Telco markets its residential products and services primarily through its Dial & Save and Long Distance Wholesale Club subsidiaries. Telco markets its commercial and carrier products through approximately 400 sales professionals in 29 regional offices in 14 states. CONTACT: Excel Communications, Inc., Dallas Kenneth Kracmer, 214/863-8400 or Mary Bell, 214/863-8730 |
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