Record Number of Telecom Mergers, Acquisitions Foreshadow Big Changes

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NEW YORK (AP) -- The revolution in the telecommunications industry created a surge of mergers and acquisitions in 1999 that is changing the way people live and work.

MCI WorldCom, AT&T, Vodafone, SBC, and Qwest all announced or completed huge transactions in 1999 that rank among the 10 largest mergers and acquisitions in history.

Some of the deals were friendly, some were hostile, some were global -- but together telecom takeovers accounted for 16 percent of the record $3.4 trillion in mergers and acquisitions in 1999.

The high prices reflect the high stakes in the race to provide consumers and businesses with local, long-distance and wireless phone …