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Qwest to Sell Directories for $7B

August 20, 2002

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DENVER (AP) _ Qwest Communications International Inc. will sell its yellow pages business for more than $7 billion to a group of financiers, the company announced Tuesday.

Qwest agreed to sell the unit, QwestDex, in a two-stage transaction to the Carlyle Group and Welsh, Carson, Anderson & Stowe.

Qwest expects to use the proceeds from the sale to pay down debt and for to fund other company operations.

``The sale of QwestDex is a significant part of our plan to delever and strengthen our balance sheet and will allow us to focus on maximizing the profitability of our core operations,″ said Richard C. Notebaert, Qwest’s chairman and chief executive.

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