Verizon to acquire MCI for $6.7 billion

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New York—Major consolidation continues in the telecom industry as Verizon Communications announced Monday that it has agreed to acquire MCI Corp. in a deal valued at more than $6.7 billion.

Two weeks ago, SBC Communications said it would acquire AT&T Corp. for $16 billion. And in December, Sprint and Nextel Communications announced plans to merge.

Verizon said the deal would enhance its offerings to enterprise customers by giving it a full range of services, including wireless and IP-based services.

The boards of directors of both companies have approved the agreement. The deal is subject to MCI shareholder approval and regulatory approval, which the companies expect to receive within a year.

—Kate Maddox

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