Verizon Communications Inc. on Monday said it would buy long-distance telephone company MCI Communications Inc. in a deal worth $6.75 billion, giving Verizon entry into the market serving large corporations.
The deal gives Verizon, currently the largest U.S. telecommunications company, the muscle to compete against SBC Communications Inc. following its deal to acquire AT & T; Corp. for $16 billion.
The boards of directors of both companies approved the agreement.
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