Wednesday, May 17, 2006

Embarq Completes Spin-off from Sprint

Embarq, the former local communications division of Sprint, completed its spin-off from its parent company and began trading on the New York Stock Exchange (NYSE: EQ) as an independent, public company.

Embarq begins trading as a member of the S&P 500. For the year ended December 31, 2005, Embarq had approximately $6.3 billion in revenues, which would rank it among the Fortune 500.

Embarq's assets and business consists largely of those that comprised Sprint Nextel's former Local Telecommunications Division and Sprint North Supply operations. The company has approximately 20,000 employees and provides services in 18 states offering local and long distance voice, data, high speed internet, wireless, and entertainment services.

The company is preparing to launch MVNO wireless service under the its own brand later this year.