MCI Inc. shareholders today voted to approve the pending $8.4 billion merger with Verizon Communications Inc.
The companies still are working to obtain remaining federal, state and international approvals for the transaction that is expected to close later this year or in early 2006.
A combination of Verizon and MCI brings together the largest local phone company with the No. 2 long-distance carrier, while leaving Qwest Communications International Inc. the fourth-largest local phone company without a stake in a wave of consolidation.
Verizon and MCI will generate an estimated $92.9 billion in 2005 revenue based on Wall Street projections, according to Verizon. Verizon plans to target large-business and government customers thanks to MCIs strengths in wireless and IP services.