British company to acquire MCIs Internet business
Article Abstract:
The Internet business of MCI Communications Corp. will be acquired by Cable and Wireless PLC for $1.75 billion. The sale was required for government approval of Worldcom Inc.'s pending $37 billion acquisition of MCI. The European Commission, the US Justice Dept. and the Federal Communications Commission had been concerned that the new merger would give Worldcom an unfair advantage in the Internet business. The deal gave Cable and Wireless a significant presence in the American Internet market with over 3,000 major US corporate accounts.
Comment:
Internet business of MCI Communications Corp.will be acquired by Cable and Wireless for $1.75 billion
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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MCI to sell wholesale Internet unit to Cable and Wireless
Article Abstract:
MCI Communications Corp. announced that it plans to sell its wholesale Internet business to Cable and Wireless PLC for $625 million in cash. Although the sale has been seen as a move to mollify anititrust regulators in light of MCI's acquisiton of Worldcom Inc., executives stated that the sale had been a fait accompli before word of the acquisition had surfaced. Executives have also stated that MCI would have liked to sell the Internet business to British Telecommunications, but thought the transaction would have been improper.
Comment:
MCI plans to sell its wholesale Internet business to Cable and Wireless PLC for $625 mil
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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AT&T and British Telecom merge overseas operations
Article Abstract:
British Telecom, the top communications company in Britain, and AT&T, the largest US communications firm, will form a jointly owned company with $10 billion in revenue by merging most of their international operations. The new company's global strategy will be to provide telecommunications service for multinational corporations in a market which is expected to expand from $36 billion in 1998 to $180 billion in 2007. The headquarters of the new company will be located somewhere in the eastern US.
Comment:
Will form a jointly owned company with British Telecom by merging most of their international operations
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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