MCI has accepted Verizon's takeover bid, ending a six-week struggle.
Verizon upped its offer from $6.7 billion last month to $7.6 billion following a subsequent bid by Qwest. Under the latest deal, Verizon will acquire MCI for $23.10 a share.
Verizon’s CEO Ivan Seidenberg said: "Verizon and MCI together create a formidable and highly competitive company delivering a full range of mission-critical voice and data products to businesses and government. We believe our agreement with MCI represents superior value and is a compelling proposition for MCI’s shareholders, customers, employees and creditors."
Verizon first made its bid on 10 February and MCI appeared to have accepted it four days later. However, Qwest then jumped in with a slightly improved offer, which it then revised. Verizon has stolen the prize with its $7.6 billion buy.