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October 2, 1997updated 03 Sep 2016 2:40pm


By CBR Staff Writer

Lost among the excitement surrounding its bid for MCI Communications Corp, Worldcom confirmed that it is to acquire US local telecoms company Brooks Fiber Properties Inc, a fast-growing US local phone provider. Under terms of the agreement between the two companies, structured to qualify as a pooling of interests, each share of Brooks common stock will be exchanged for 1.65 shares of WorldCom common stock – valuing Brooks at around $2.4bn. Prior to the deal, St. Louis-based Brooks Fiber has a current market value of around $1.8bn. WorldCom said the deal would nearly triple the number of switches controlled by the company as well as adding services skills.

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