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SPRINT-CENTEL MERGER COMPLETED

 KANSAS CITY, Mo., March 9 /PRNewswire/ -- Sprint (NYSE: FON) announced today that it has completed its merger with Centel Corporation (NYSE: CNT), a Chicago-based local telephone and cellular communications company.
 "Our merger with Centel is a significant step in supporting our strategy of being a leader in the telecommunications industry," said William T. Esrey, Sprint's chairman and chief executive officer. "With the addition of Centel's cellular and local telephone operations, we can better meet the comprehensive telecommunications needs of our customers, as well as continue to build value for our shareholders."
 Under the terms of the merger, which was approved by shareholders of both companies in December, each share of Centel's common stock will be converted into 1.37 shares of Sprint's common stock. Centel has approximately 85 million shares outstanding.
 Based on the price of Sprint stock at the close of trading March 8 and assumption of debt, the merger is valued at more than $4.7 billion. Centel shareholders will be notified by mail of the procedures for exchanging shares.
 With the addition of Centel's local telephone and cellular operations, Sprint now provides local telephone service through 5.9 million access lines in 19 states and has cellular operations and investments that serve a total population of 20.1 million.
 Sprint's Long Distance Division provides global voice, data and video products and services and maintains the United States' only nationwide all-digital, fiber-optic network. Overall, the company now has assets of approximately $13.6 billion and combined revenues of $10.4 billion.
 The company also named a new board of directors, which consists of 16 directors, 10 of whom were designated by Sprint and six by Centel.
 -0- 3/9/93
 /CONTACT: Bill White, 913-624-2226, or after hours, 816-941-3571, or Susan Kraus, 913-624-2530, or in Washington, 202-828-7410, both of Sprint/
 (FON CNT)


CO: Sprint; Centel Corporation ST: Missouri, Illinois IN: TLS SU: TNM

MH-DC -- DC008 -- 4436 03/09/93 10:12 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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