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Despite a criminal investigation into Qwest Communications International Inc.'s accounting practices, financial buyers Friday, July 12, moved ahead with conditional offers for Qwest's telephone- directories business, several sources close to the process said.
Qwest needs to sell the business, QwestDex, to meet debt covenants that will kick in at year's end.
On Friday, the deadline for binding bids, the contest narrowed to two groups of private equity firms, sources familiar with the auction said.
A group including Madison Dearborn Partners LLC, The Carlyle Group and Welsh, Carson, Anderson & Stowe appeared to have the upper hand, sources said. That's because it is the only bidder prepared to buy the unit whole, sources said. A second group of Thomas H. Lee Partners, The Blackstone Group, Bain Capital Inc. and Providence Equity...