MCI ( MCIP) celebrated a tumultuous return to the public markets with a big contract win.

The Ashburn, Va., telco said it nailed down a five-year, $125 million agreement deliver advanced communications services for Hewlett-Packard ( HWP). Under the terms of the agreement, MCI will continue to provide HP with secure Internet remote access services, enhanced contact center services and SkyTel wireless paging and messaging services.

"This deal extends our recent contract wins to more than $1 billion and further supports our commitment and success in managed services," said MCI's Jarrett Appleby. "This is a perfect example of how MCI's services can enhance a customer's business operations as well as its business relationships. Together, we will explore mutually beneficial opportunities for our respective customers."

The news comes as controversy swirls around struggling MCI. This week the company disclosed that a possible suitor, value investor Leucadia ( LUK), had sought regulatory clearance to buy a big stake in the company. Analysts said they thought the prospect of a Leucadia bid could start up the long-awaited consolidation process across the telecom industry; some rumors have had Sprint ( FON) looking MCI's way. That talk perked up shares of rival AT&T ( T) as well.

On Wednesday, CEO Michael Capellas said on CNBC that Leucadia hadn't made an offer. "We have had one introductory session," he said, according to Reuters. "All they have done is filed to go through the regulatory process if they choose to purchase the stock."

Meanwhile, MCI continues to shed jobs and business units amid a withering price war laying waste to the wholesale telecom business. The company has set plans to shed more than 10,000 jobs this year alone. Last month, TheStreet.com reported that the company was planning to shut down five call centers and abandon its small-business and consumer operations in a sweeping realignment.

MCI's return to trading comes more than three years after its predecessor company, WorldCom, plunged into bankruptcy following a reported $11 billion in false profits.

Early Wednesday, MCI traded at $16.81.

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