Initial bids for Qwest Communications' long-distance business are below the $2 billion to $3 billion the telecommunications company sought, the Wall Street Journal reported Thursday.
Citing sources familiar with the matter, the Journal said some parties have valued Qwest's long-haul network under $1 billion. It carries long-distance phone and data traffic and provides advanced services for corporate and government customers.
Among the most likely buyers for the network is Level 3 Communications , which is formulating a potential bid, the people told the Journal.
XO Communications, which is controlled by billionaire investor Carl Icahn, and TW Telecom have also expressed interest in Qwest's assets, according to the Journal's sources who are familiar with the situation.
Bids for Qwest's network were due Monday, but the company reportedly extended the process.
A spokesman for Qwest declined to comment to the Journal.