VSNL Acquires Bermuda-based Teleglobe For $239 Million

Business Standard: Finally,Videsh Sanchar Nigam Ltd (VSNL) is becoming a happening company. The erstwhile international telecom service monopoly, now owned by the private sector Tata, today signed an agreement to acquire Bermuda-registered Teleglobe International Holdings Ltd for $239 million.
This will be its second overseas acquisition, after the Tyco Global Network (TGN) takeover in November last year for $130 million. The acquisition would make VSNL a leading player in wholesale voice, bandwidth and enterprise data market, VSNL Director (Operations) N Srinath told reporters today. A Nasdaq-listed entity, Teleglobe is a leading provider of wholesale voice, data, internet protocol (IP) and mobile signaling services.
VSNL intends to set up a wholly-owned subsidiary in Bermuda, VSNL Telecommunications (Bermuda) Ltd, and merge Teleglobe with the new company. VSNL is buying out Teleglobe

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