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the Wall Street Journalp reported Thursday. Terms of the deal were not disclosed, but sourceds say Carlyle has emerged as the front runner to buy the company in a transaction that couldx close as early asnext week. Analysts put Verizon Hawaii's valuew at about $1.5 billion based on 715,00o land lines in Hawaii at roughly $2,1000 per line. Carlyle executives and advisers have held some of the top governmentr posts in theUnited States. Forme Secretary of State James Baker is senior former White House budget chief Richard Darman is managing directoer and former Secretary of Defense Frank Carluccik is chairman emeritus ofthe company.
In addition, former Britisgh Prime Minister John Majorheads Carlyle's European arm. Former Presidenty George Bush was once senior adviser to the Carlyles AsiaAdvisory Board, but retired from that position in October 2003. Verizon is trying to sell a much larged set of phone lines in New York state estimatede to be valued as highas $7 billion. The Hawaio assets are considered an easier sale because they have theirr own equipment and infrastructure alreadybuilt out. But it's by no meanse a done deal.
The Hawaii stater Public Utilities Commission still must approve the sale Verizon is the largest legacy telephone company in It includes two former Baby Bell regional telephon e companies formed bythe break-up of the originaol Bell System, Bell Atlantic and Nynex, as well as the distantf second telephone company of the Ma Bell days, GTE. Verizo Hawaii used to be part of GTE, whicg Bell Atlantic acquired shortly before it merged with The vast majorityof Verizon's operationsz are in the U.S. East. Verizomn is also one of two owners of Verizon the other isthe world's largest wirelesws phone, Britain's Vodaphone.
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