TECHNOLOGY & TELECOMMUNICATIONS

MCI, British Telecom Reach Definitive Agreement: MCI Communications Corp. and British Telecommunications PLC said they reached a definitive agreement to form an alliance under which British Telecom will pay $4.3 billion for a 20% stake in MCI. In addition, the two telephone companies said they would invest $1 billion in a joint venture company, 75%-owned by British Telecom and 25%-owned by MCI, to provide seamless global service to business customers. The alliance was originally announced in June. British Telecom is Britain’s largest telecommunications company and MCI is the second-largest long distance provider in the U.S.