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UNITED TELECOM CLOSES ON BUYOUT OF SPRINT

 UNITED TELECOM CLOSES ON BUYOUT OF SPRINT
 KANSAS CITY, Mo., Jan. 31 /PRNewswire/ -- United


Telecommunications, Inc. (NYSE: UT), today announced the closing of a transaction in which United Telecom purchased the remaining 19.9 percent interest in US Sprint Communications Company from GTE Corporation (NYSE: GTE) for $530 million.
 At today's closing, United Telecom paid $250 million in cash, with the balance of $280 million to be paid in cash on July 1, 1992.
 This completes United Telecom's acquisition of US Sprint, which was formed in July 1986 as a 50/50 joint venture when United Telecom and GTE combined their respective long distance and data communications subsidiaries into a single organization.
 United Telecom, headquartered in Kansas City, is a diversified international telecommunications company with $8.7 billion in annual revenues. Its principal business units are Sprint, which provides a comprehensive array of global voice, data and video communications products and services on the only nationwide all-digital, fiber-optic network, North Supply; DirectoriesAmerica; and local telephone companies serving 3,000 communities in 17 states.
 -0- 1/31/92
 /CONTACT: Judith Shannon, 913-624-3221 or, after hours, 816-931-7156, or Tom Rafferty, 913-624-3234 or, after hours, 913-677-1971, both of United Telecommunications/
 (UT GTE) CO: United Telecommunications, Inc.; US Sprint Communications
 Company; GTE Corporation ST: Missouri IN: TLS SU:


DC-TW -- DC017 -- 5574 01/31/92 11:33 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jan 31, 1992
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