Market conditions stall Embarq’s sale
Embarq, the nation’s fourth-largest phone company, is finding that the current market conditions are impacting its efforts to sell itself, according to The Wall Street Journal.
Embarq put up a “For Sale” sign a few weeks ago, but the credit crunch has made it difficult for potential suitors to raise the needed funds to finance a deal. A deadline for submissions recently passed, according to The Wall Street Journal.
Embarq, which is a spin-off of Sprint Nextel with a market cap of around $5.7 billion, hired JPMorgan Chase to help facilitate a sale. Windstream, the nation’s fifth-largest phone company, was interested in pursuing a deal with Embarq, and the two companies have reportedly engaged in preliminary discussions.
Embarq has six million customers in 18 states, while Windstream has 3.1 million subscribers.
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