Qwest boosts KPNQwest ownership stake
Qwest Communications is acquiring an additional 10% stake in KPNQwest from KPN NV for $91.6 million, which will make it the largest shareholder in the Dutch data-services company.
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KPN reduced its stake in KPNQwest to about 40% by selling 20 million shares to Qwest. The deal boosts Qwest's stake to about 47.5%.
The deal calls for KPN to relinquish its voting rights in the venture and Qwest to control three seats on the KPNQwest board of directors, while KPN reduces the number of seats it controls from three to one. KPN said it would be able to take its KPNQwest related debt off the books at the close of the deal.
In a related deal, KPNQwest is acquiring European data-network operator Global Telesystems for $189.9 million, excluding debt. --Kelly Carroll, staff writer
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