Putting to an end gossip that a third party such as Cable & Wireless Plc might buy the 19.9% stake in US Sprint Communications Co still held by GTE Corp, GTE yesterday announced that it would sell the holding to its erstwhile partner in the long-distance carrier, United Telecommunications Inc, Kansas City, Missouri. United Telecom will pay $530m to take its holding in Sprint up to 100%, and settlement is expected on January 31, with United paying $250m, and the balance on July 31, all in cash. United Telecom says that sometime after it completes the purchase, it plans to change the name of US Sprint to Sprint. It also said that in the near term, long distance revenues and profits of Sprint are being adversely affected due to the lack of economic recovery, accompanied by sustained competitive pressures.
