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Technology Stocks : AT&T -- Ignore unavailable to you. Want to Upgrade?

To: Cytotekk who wrote (2487)	6/1/1999 9:57:00 AM
From: Probart	Read Replies (1) \| Respond to of 4298

AT&T completes purchase of IBM Global Network ops in Japan --AT&T's buy of IBM Global business valued at $5 bln By Bridge News New York--Jun 1--AT&T completed its acquisition of the IBM Global Network business in Japan. AT&T's acquisition of the IBM Global Network business for $5 billion in cash is occurring in phases throughout 1999. TOKYO, June 1 -- AT&T SAID TODAY IT HAS COMPLETED ITS ACQUISITION OF THE IBM GLOBAL NETWORK BUSINESS IN JAPAN, WHICH BRINGS TO AT&T THE EXISTING ASSETS, MANAGEMENT AND ABOUT 250 EMPLOYEES BASED IN JAPAN. AT&T RENAMED THE IBM GLOBAL NETWORK BUSINESS AT&T GLOBAL NETWORK SERVICES (AGNS) AND SAID IT WILL BECOME PART OF THE AT&T SOLUTIONS GROUP, THE COMPANY'S NETWORK PROFESSIONAL SERVICES UNIT. AT&T'S ACQUISITION OF THE IBM GLOBAL NETWORK BUSINESS FOR $5 BILLION IN CASH IS OCCURRING IN PHASES THROUGHOUT 1999 AS LEGAL AND REGULATORY REQUIREMENTS ARE MET IN EACH OF THE 59 COUNTRIES IN WHICH THE BUSINESS OPERATES. IN THE UNITED STATES, THE ACQUISITION OF THE BUSINESS AND ITS ASSETS AND THE TRANSFER OF EMPLOYEES WERE COMPLETED ON APRIL 30. On April 27, AT&T announced a Memorandum of Understanding (MOU) with Nippon Telegraph and Telephone Corporation (NTT) under which NTT and ATT will work together to jointly operate, invest in and develop AGNS in Japan as the two companies address the fast-growing global market for corporate network solutions. The MOU outlines the intention of the two companies to collaborate on AGNS-Japan and potentially other ventures that provide value-added networking solutions for large and mid-sized multinational businesses and industries. The two companies anticipate establishing the entity that will jointly operate AGNS as early as possible over the next several months. AGNS offers a portfolio of managed network services for enterprise connectivity, collaboration, and network outsourcing. It is deployed in more than 850 cities in 59 countries and serves the networking needs of several hundred large global companies, tens of thousands of mid-sized companies and more than 1 million individual corporate Internet users.