Bell Atlantic Thursday bought $550 million in fiber optic network infrastructure from Metromedia Fiber Network, Inc. and invested another $1.7 billion to take up to a 19 percent stake in the company.
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The dark fiber warrior gains a new ally in its optical networking battle. In that deal, Bell Atlantic also invested $1.7 billion in the then surging firm
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Under the terms of the first deal, Metromedia (MFNX) will offer dark fiber infrastructure over a 20-year period. Bell Atlantic will also receive low-cost access to Metromedia's network of 50 metropolitan fiber optic infrastructures in the U.S. and abroad.
Bell Atlantic (BEL) purchased a 9.9 percent equity share in Metromedia for $700 million, buying newly issued shares priced at $28 each. The telecom will also buy $975 million in debt securities which can also be converted into common stock at a price of $34 per share, allowing Bell Atlantic's to increase its equity to about 19 percent.
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you start to live there, and this is partly why I rarely buy the paper down in Waldorf anymore. mentioning the sentence would take place at 11am in
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FUND*FCE.A*FOREST CITY ENTRPRS -CL A*GAJ+THE GREAT ATLANTIC & PACIFIC TEA CO A*NXY*A*FD.D*IND*AMERICAN INDL PPTYS REIT*DSW(SOUTHWESTERN BELL TELEPHONE
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Bell Atlantic expects the deal to build up its data services, while Metromedia will use the funds to expand its infrastructure both domestically and internationally.
"This relationship extends our data network and advances our strategy to be a nationwide and global provider of leading-edge communications services," said Larry Babbio, Bell Atlantic's president and chief operating officer. "It also complements the reach of the GTE national backbone network and our new wireless venture with Vodafone."
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F R A N C E * METROMEDIA FIBER: Sells Operations in France and the Netherlands preferred shares to VUE and the awarding of a 1.5% stake in the. company to
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Free Articles from April 1999 Part 2 - Site Map - The New York Times::
Metromedia Fiber to Split. Internet Providers Demands On High-Speed Data Rejected COMPANY NEWS; PENSKE TO TAKE $83 MILLION STAKE IN UNITED AUTO GROUP
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