In the ballroom of Manhattan's Sheraton New York Hotel, Bernard J. Ebbers, 58, is explaining to reporters and investment types why he feels OK plunking down more money than anyone in history has ever paid for a rival company.
"The one comforting thing about this transaction is I'm not the one cowboy anymore," Ebbers said.
The transaction was the agreement between Ebbers' MCI WorldCom, the second-largest US long distance provider, to acquire Sprint, the third-largest carrier for a staggering US$129 billion in stock and assumed debt.
It was the largest takeover deal in US corporate history, dwarfing the closest runners-up, Exxon and Mobil, and Citicorp and Travelers Group, by more than $30 billion.
Along the way, the deal also brought together executives of two of the fastest-growing and aggressive players in the communications business, Ebbers and fellow cowboy, Sprint CEO William Esrey.
Perhaps the more well known of the two is Ebbers, who has served as president and chief executive officer of WorldCom since 1985.
As one of the founders of WorldCom predecessor LDDS, Ebbers has engineered a slew of deals that have brought him some of the best-known names in the telecommunications business, including MCI, SkyTel, WilTel, and MFS.
WorldCom's aggressive acquisition strategy has transformed the long-distance carrier into one of the most forward-looking, technologically savvy telecom players on the planet.
And Ebbers, a Canadian native and a former college basketball player, has gained a reputation as a maverick deal maker willing to pay steep prices for strategic acquisitions.
As part of the latest acquisition, however, Ebbers will be ceding some of the executive spotlight to Sprint chief William T. Esrey, who will take on the post of chairman of the combined company.
Esrey, who was born and raised in Sprint's hometown Kansas City area, joined Sprint, then known as United Telecommunications Inc., in 1980 as executive vice president of corporate planning. After five years, the man who is still known for spending his lunch hour in the company gym was named chief executive in 1985 and chairman in 1990.
It was during Esrey's tenure that Sprint launched its Digital PCS network, an ambitious plan to expand into the wireless services business, and one that has so far netted the company upwards of 4 million mobile phone subscribers.
Like Ebbers, Esrey also cultivates the telco cowboy image. That was evidenced in his description to investors of how the agreement with MCI WorldCom came to be.
Esrey said he sealed key parts of the agreement while riding horseback on his Colorado ranch and talking with Ebbers via a satellite phone.
Even though there was no PCS coverage out there in the middle of nowhere, Esrey said, the phone call managed to go through quite well.
Ebbers disagreed.
"Not well enough," said the Worldcom CEO, who has gotten some criticism for paying a massive premium to acquire Sprint shares. "I thought I agreed to a lot lower numbers."
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(Reuters contributed to this report.)
