Level 3, Qwest reach out to Net

The new generation of telephone companies is making waves once again as it purchases its way onto the Internet. In the latest example, Level 3 acquired a German Internet service provider, just one day after Qwest Communications bought Icon CMT, an Internet services company. Qwest's CEO now predicts his company will be worth $3 billion by the end of the year.

Level 3 to buy German ISP The company agrees to purchase miknet Internet Based Services, bolstering its efforts to build an international network based on IP technology. Qwest CEO sees revenue increase Joe Nacchio tells an investment conference that he sees the telecommunications company's 1998 revenue increasing to about $3 billion. Qwest will buy Icon CMT Qwest agrees to buy Internet services company Icon CMT in a $185 million stock deal.