JACKSON, Miss., October 1, 1999 - MCI WORLDCOM, Inc.
(NASDAQ:WCOM) today announced that its merger with SkyTel
Communications, Inc. has been completed, effective today at 12:01 a.m.
eastern daylight time.
As a result of the merger, each share of SkyTel common stock was
converted into the right to receive 0.2566 of a share of MCI WorldCom
common stock. Holders of SkyTel's $2.25 Cumulative Convertible
Exchangeable Preferred stock will be entitled to receive one share of
MCI WorldCom Series C $2.25 Cumulative Convertible Exchangeable
Preferred Stock for each share of SkyTel preferred stock that they own.
The MCI WorldCom preferred stock will be convertible into MCI WorldCom
common stock on a basis that gives effect to the exchange ratio in the
merger and will otherwise have the same terms as SkyTel's preferred
stock.
"In SkyTel, we are gaining a well-run, profitable industry
leader that will be an important building block in MCI WorldCom's
emerging wireless strategy," said Bernard J. Ebbers, president and
chief executive officer of MCI WorldCom. "With its talented team
of employees, SkyTel will enable MCI WorldCom to even better capitalize
on the growing demand for wireless data services."
MCI WorldCom is a global leader in communications services with 1998
revenues of more than $30 billion and established operations in more
than 65 countries encompassing the Americas, Europe and the
Asia-Pacific regions. MCI WorldCom is a premier provider of
facilities-based and fully integrated local, long distance,
international and Internet services. MCI WorldCom's global
networks, including its state-of-the-art pan-European network and
transoceanic cable systems, provide end-to-end high-capacity
connectivity to more than 40,000 buildings worldwide. MCI WorldCom is
traded on NASDAQ under WCOM. For more information on MCI WorldCom,
visit the World Wide Web at http://www.wcom.com.
