Although MCI Communications Inc and US Sprint Communications dominate the US long-distance telephone market not controlled by overwhelming market leader AT&T Co, there is a string of regional long-distance companies with ambitions at least to challenge the Big Two, and the only way they can grow at a reasonable pace is by acquisition. Advanced Telecommunications Corp, Atlanta is one such, and hassigned a definitive agreement to acquire Galesi Telecommunications Inc and its wholly-owned Telus Inc subsidiary in Miami, which markets long distance services to over 100,000 residential and business users throughout Florida. Galesi shareholders will receive 6.5m Advanced shares, not the 7.5m originally suggested, because the price has been rising. Advanced did $16.7m net on turnover of $177m in the year to March, while Telus did $10m net on turnover of more than $100m in the year to June 30. The combined companies will have about 270,000 customers and 1,700 employees, and expect to have the acquisition wrapped up by November.
