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GlobeNet Shareholders Approve Acquisition By 360networks
"GlobeNet is a leader in the race to provide broadband capacity on an advanced network between North America and South America," said Greg Maffei, chief executive officer of 360networks. "We expect the merged 360networks and GlobeNet to be the first telecom company to provide facilities-based connectivity between the Americas and Europe."
GlobeNet operates the BUS-1 cable system, an undersea network linking the United States and Bermuda, and is currently extending that undersea network to Brazil and Venezuela.
"We are delighted to join a technology leader like 360networks," said Jorge Escalona, president and chief executive officer of GlobeNet. "Shareholder approval of the acquisition was a key step in enabling a seamless global network for high-capacity and value-added services."
GlobeNet also owns TeleBermuda International Limited (TBI), a leading, facilities-based Bermudian provider of international service, using GlobeNet's current undersea fiber optic cable system connecting the United States and Bermuda. TBI operates a world-class network operating center and Internet server farm for hosting offshore e-commerce business applications.
In March it was announced that GlobeNet would be acquired by 360networks of Vancouver. The Atlantica-1 cable will be renamed 360americas when the 360networks acquisition is complete. 360networks (formerly known as Worldwide Fiber) offers broadband network services for telecommunications companies, ISPs, application service providers and data-centric enterprises. 360networks is completing a technologically advanced 90,300-kilometer (56,100-mile) network, including a fiber optic terrestrial network in North America and Europe and undersea cables linking North America, South America and Europe. 360networks and its predecessors have been developing communications networks since 1988.
360networks shares trade on the NASDAQ under the stock symbol TSIX and on the Toronto Stock Exchange as TSX.
The acquisition of GlobeNet is pending various regulatory approvals and is expected to close by the end of June.
GlobeNet Communications Group Limited is an independent developer of international fiber-optic cable facilities whose mission is to provide innovative, seamless, city-to-city international telecommunications solutions to wholesale bandwidth purchasers using the most technologically advanced undersea fiber optic facilities currently available. Since 1997, it has provided international services through its wholly-owned, facilities-based subsidiary, TeleBermuda International Limited (TBI) using the company's BUS-1 undersea fiber optic cable system connecting Bermuda and the United States. TBI has captured more than 35 per cent of the market as the competitive second authorized provider of international service in Bermuda. TBI's services include providing a world-class Internet server farm for hosting offshore e-commerce business applications.
GlobeNet is expanding its BUS-1 network by laying a 22,500-kilometer fiber optic ring, Atlantica-1, to connect North and South America. The first leg of the 1.28 Terabit path is scheduled to be operational in September 2000. With headquarters in St. David's Bermuda, GlobeNet (GLOCOM on the Bermuda Stock Exchange) has offices in Washington, Toronto and Montreal.
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