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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.
    -0-          1/31/92
    /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
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Publication:PR Newswire
Date:Jan 31, 1992
Words:183
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