Meanwhile, Qwest has signed a definitive merger agreement to acquire publicly held Phoenix Network

Meanwhile, Qwest has signed a definitive merger agreement to acquire publicly held Phoenix Network Inc. of Golden, CO. Phoenix Network is a non-facilities-based reseller of long-distance services with about 40,000 customers. According to the agreement, Qwest will exchange $28.5 million of its common stock and up to $4 million cash for the outstanding shares of Phoenix Network.