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VarTec closes Excel Communications buy

Jeff Bounds
Dallas Business Journal

VarTec Telecom Inc. has completed its previously announced purchase of Excel Communications' North American operations from Bell Canada Enterprises Inc.

VarTec, a privately held Dallas phone company, said Monday it has received final regulatory and other approvals for the $250 million deal. Excel was sold to Montreal-based Teleglobe Inc. in 1998 for $3.5 billion, and Bell Canada bought Teleglobe in 2000.

VarTec said the combination with Dallas-based Excel will create a $1.7 billion enterprise. The companies previously said the resulting business will have about $2 billion in sales and 4,800 employees worldwide.

Under the terms of the deal, BCE will retain responsibility for Excel's $1.3 billion in long-term debt. BCE has also agreed to accept an interest-bearing note for Excel.

VarTec recently killed a proposed merger with Louisville, Ky.-based Lightyear Communications, because it said unspecified "necessary and important conditions" weren't met.

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