BT has officially severed its relationship with MCI by acquiring the US telco's stake in their Concert joint venture for $1 billion.
The UK giant will gain full control of Concert once it has purchased MCI's 24.9 per cent stake. After that AT&T, BT's newest US partner, will become a non-exclusive distributor of Concert services in the US.
Also after completion of the MCI and Worldcom merger, MCI will continue to distribute Concert services in the US on a non-exclusive basis for two years.
Despite shelling out $1 billion for MCI's stake in Concert, BT will not be out of pocket. It is due to receive $7 billion from MCI once the Worldcom merger is complete.
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