Dow Jones Newswires -- October 1, 1998
Global Crossing Confirms Plans For $700M Pan Europe Crossing
NEW YORK (Dow Jones)--Global Crossing Ltd. (GBLX) confirmed it plans to begin construction
in October of a fiber optic network directly linking 18 European cities with the U.S., Asia and Latin
America.
Global Crossing expects the network will begin operation in the fourth quarter of 1999.
In a press release Thursday, the fiber optic network operator said the network, Pan European
Crossing, will cost about $700 million to complete.
Global Crossing said it hopes to capitalize on the opportunities created by the deregulation of
Europe's telecommunications markets. The company will market the network on a "carriers' carrier"
basis.
As reported in Thursday's editions of The Wall Street Journal, the network is the second leg of a
massive project by Global Crossing to run fiber-optic cables around the world and sell space on its
network.
The European network will connect with Global Crossing's Atlantic Crossing system, which began
service in May.
Pan European Crossing will be developed in several phases. It will initially provide connectivity to 13
cities: London, Paris, Amsterdam, Rotterdam, Antwerp, Brussels, Hamburg, Hanover, Dusseldorf,
Cologne, Frankfurt, Strasbourg and Copenhagen.
By 2000, the network will expand to include Lyon and Marseilles, France; Milan and Turin, Italy;
and Zurich.
In the future, the company plans to include Rome, Barcelona, Madrid, Berlin, Munich, Stuttgart and
Vienna in the network. |
