Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: marc chatman who wrote (43317)	4/27/1999 9:58:00 AM
From: Bazmataz	Read Replies (1) of 95453

Can someone clarify this once and for all??? Cable & Wireless Sells Division LONDON (AP) -- Cable and Wireless PLC has agreed to sell its undersea cable-laying business to Global Crossing Ltd., for about $725 million in cash. Cable and Wireless is selling its Global Marine unit in an effort to transform its core business as Britain's third-largest telecommunications company. Global Crossing will also assume $160 million in debt in the deal. ''This sale is in line with our increasing focus on the operation of communications networks, in particular data and Internet,'' Cable & Wireless executive director Stephen Pettit said in a news release Monday. The transaction is expected to be completed within 60 days, subject to regulatory approval, the statement said. Global Crossing is a fiber-optic telecommunications company based in Hamilton, Bermuda. Cable & Wireless traces its roots to the company that laid the first successful trans-Altantic telegraph cable in 1866. Its Global Marine unit operates the world's largest cable-laying fleet, with 13 ships, 21 submersible craft and 3,500 employees.

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