Thursday, December 2, 2004

MCI Agrees to Management Buyout of Brazilian IT Unit

MCI agreed to sell Proceda, its non-core IT outsourcing business in Brazil, in a management buyout transaction. Under the terms of the agreement, which is immediately effective, MCI is selling all of its shares in Proceda to the company's management and its partner Votorantim Novos Negocios for $3 million cash and the assumption of approximately $10 million in debt. http://www.mci.com

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