[99-8-01] Pacific Century, Intel To Tie On Broadband In Asia
By Martyn Williams, Newsbytes.
HONG KONG, CHINA,
01 Aug 1999, 8:45 PM CST
Pacific Century, Intel To Tie On Broadband In Asia 08/01/99 HONG KONG, CHINA, 1999 AUG 1 (NB) -- By Martyn Williams, Newsbytes. Intel Corp. [NASDAQ:INTC] announced Sunday an tie-up with Pacific Century CyberWorks Ltd., the soon-to-be-formed technology flagship of Richard Li's Pacific Century Group, to work together to speed the roll-out and adoption of broadband Internet services in Asia.
Such services are capable of delivering Internet content at much greater speeds than current analog modem and ISDN technologies and make the roll-out of new services such as video-conferencing and multimedia-on-demand possible.
The deal between Pacific Century Group (PCG) and Intel consists of three parts, all of which are subject to the successful completion of PCG's acquisition of a majority stake in Tricom Holdings Ltd. Once completed the company will be renamed Pacific Century CyberWorks Ltd. (PCC).
The first part will see Intel invest $50 million in PCC giving it a 13 percent share in the company. The second covers the acquisition by PCC of Pacific Convergence Corp., an existing joint venture of Intel and PCG formed in 1998. The final part covers the supply by Intel of Internet set-top box and server-based systems based on Intel chips that will be used to deploy and access such broadband services from PCC.
"Our goal with these agreements is to speed the deployment of broadband Internet-based services to Asia," said Claude Leglise, vice president and general manager of Intel's Home Products Group in a statement.
For PCC, managing director Alex Arena said, "Both PCC and Pacific Century CyberWorks will benefit from the potential synergies of developing the broadband service business through one company."
Reported By Newsbytes.com, newsbytes.com
20:45 CST
(19990801/WIRES ASIA, ONLINE, BUSINESS/)
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