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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Jane4IceCream who wrote (65107)	10/11/1999 2:02:00 AM
From: kathyh	Read Replies (1) \| Respond to of 90042

i think you are right on gblx jane... looks very promising... glad you are pounding the table... Monday October 11, 12:12 am Eastern Time FOCUS-Global Crossing to buy Racal unit - source By Robin Sidel NEW YORK, Oct 11 (Reuters) - Fiber optic cable company Global Crossing Ltd. (NasdaqNM:GBLX - news) on Sunday signed an agreement to buy the telecommunications unit of Racal Electronics Plc (quote from Yahoo! UK & Ireland: RCAL.L) for $1.6 billion, according to a source close to the deal. The transaction, which was expected to be announced Monday morning, is the latest in a string of high-profile acquisitions for Bermuda-based Global Crossing as it aims to build an intercontinental fiber optics network to handle global communications traffic. Racal's telecommunications unit controls over 7,000 km (4,300 miles) of fiber optic cables over 2,000 towns and cities across Britain. The network delivers fixed and mobile voice, data, Internet and Intranet services to organisations mainly in the transport, government, retail and financial services sector. A Global Crossing spokesman in the United States declined to comment on the matter. The transaction is expected to be completed by the end of the year, said the source who spoke on condition of anonymity. Financing details were not immediately available. Known mainly for high-capacity undersea cable, Global Crossing is rapidly building its land presence. Just last month, it teamed up in a joint venture with Microsoft Corp. (NasdaqNM:MSFT - news) and Japanese Internet firm Softbank Corp. to announce plans for a $1.28 billion land and undersea network to provide seamless telecommunications services in Asia. In striking the deal with Racal, Global Crossing apparently topped a rival bid from Energis Plc (quote from Yahoo! UK & Ireland: EGS.L), which last week was reported to be close to buying the Racal unit. The two companies announced last month they were in talks and were thought to be in the final stages of the deal process. The Racal deal comes on the heels of Global Crossing's similar $10 billion purchase of Rochester, N.Y.-based Frontier Corp., which added to its North American foothold. On Friday, Global Crossing itself was the target of takeover speculation, with Germany's Deutsche Telekom and regional phone company BellSouth Corp. (NYSE:BLS - news) cited as potential buyers. Shares of Global Crossing gained 4-5/16, to 36-1/2, Friday on Nasdaq. -------------------------------------------------------------------------------- More Quotes and News: BellSouth Corp (NYSE:BLS - news) Global Crossing Ltd (NasdaqNM:GBLX - news) Microsoft Corp (NasdaqNM:MSFT - news) Related News Categories: US Market News