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DENVER (AP) - Qwest Communications International Inc. founder Philip Anschutz has agreed to sell all but a handful of his remaining shares in the company, according to filings with federal regulators.
He sold 2.7 million shares outright for $24 million and is receiving a prepayment of $150.5 million from a private contract to sell 20.6 million shares in 2010, according to documents filed Thursday with the Securities and Exchange Commission.
Anschutz is diversifying his investment holdings, said his spokesman, Jim Monaghan. Monaghan said Anschutz has shown his confidence in Qwest's future by structuring the contracts for the future sales in such a way that he would benefit from any price appreciation.
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