GTE COMPLETES SALE OF 19.9 PERCENT OWNERSHIP IN US SPRINT TO UNITED TELECOMMUNICATIONS
GTE COMPLETES SALE OF 19.9 PERCENT OWNERSHIP IN US SPRINT
TO UNITED TELECOMMUNICATIONS
STAMFORD, Conn., Jan. 31 /PRNewswire/ -- GTE Corp. (NYSE: GTE) and United Telecommunications Inc., today closed the previously announced transaction in which United will purchase GTE's 19.9 percent interest in US Sprint Communications Co. for $530 million.
Today, United paid GTE $250 million in cash, and will pay the balance, $280 million, in cash on July 1, 1992.
GTE is a worldwide leader in telecommunications, with combined revenues and sales in 1990 of $21.4 billion and net income of $1.7 billion. It is the largest, U.S.-based local-telephone company and the second-largest cellular-service provider in the United States. Other GTE subsidiaries are leaders in government and defense communication systems and equipment, satellite-based telecommunications, information services, lighting products and precision materials.
/CONTACT: Tony Hamilton, 203-965-2853 (After 6 p.m., 203-327-2162); Dorea Akers, 203-965-3188 (After 6 p.m, 203-968-2360), both for GTE/
(GTE) CO: GTE Corp.; United Telecommunications Inc. ST: Connecticut IN: TLS SU: TNM SH -- NY030 -- 5573 01/31/92 11:31 EST