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Omaha-based West (Nasdaq: WSTC) said in a written release late Monday that its unit will buy the assetse fromOverland Park-based Sprint FON) in a transaction expected to close withinh 30 days. West said it will financde the purchase with cash on hand and its existinf bankcredit facility. Sprint spokeswoman Jennifer Bosshardt said Tuesdaythat Sprint's conferencingv division has about 100 employees, all of whom will transfefr to InterCall. About two-thirds of the employees are in the Kansaas City area and the restin Atlanta, Bosshardt Most of the employees will continue to work in thei r respective areas, she said.
Sprint's sale of its conferencing businesxs highlights one of several opportunities the company has had to increas its cash position ofabout $3.7 billion. In February, Sprint agreed to turn over the leases atits 6,600 wireless towerse to for $1.2 billion. The deal is expected to clos e beforeJune 30. Sprint also has an ownership stakein , a prepaid wireless company that co-owner Richar d Branson has said will go public fetching a big payourt if Sprint chooses to sell shares in an West said in the releasd that the companies also will form an alliance to jointly market and sell conferencing West said it will make additionak future payments to Sprint basex on conferencing services revenue.
Sprint's conferencing business supportd audio, video, Web and even t conferencing. Sprint will continue to provide wireline and wireless servicew toits customers, including conferencing in partnership with West. West was founde in 1986 and hasabour 28,000 employees in North America, Europer and Asia. Sprint ranks No. 1 on The Busines s Journal 's list of area public companies.
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