Teleglobe Proposed Acquisition by VSNL Clears U.S. Antitrust Review
21 November 2005 - 10:05PM
Business Wire
Teleglobe International Holdings Ltd (NASDAQ:TLGB), a leading
provider of international telecommunications services to Internet
service providers, fixed and mobile network operators, announced
today that it has been granted early termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, in connection with Teleglobe's acquisition by
Videsh Sanchar Nigam Limited, VSNL (NYSE: VSL), India's leading
provider of long distance communications and Internet services. The
transaction, which is expected to occur in the first quarter of
2006, remains subject to pending regulatory approvals and notices
and other customary closing conditions. Forward-looking Statements
Teleglobe has included in this press release forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including all statements concerning future or
expected events or results. Actual results could differ materially
from those projected in the companies' forward-looking statements
due to numerous known and unknown risks and uncertainties,
including, among other things, the risks and uncertainties
described in Teleglobe's filings with the Securities and Exchange
Commission. About VSNL: Videsh Sanchar Nigam Limited (VSNL) is a
leading provider of international telecommunications services. VSNL
is India's largest player in international long distance services
and has a strong pan-India domestic long distance presence. VSNL is
also a leading player in the corporate data market in India today
with a strong service offering covering IPLCs, ILLs, Frame relay,
ATM and MPLS based IP-VPN services. VSNL has a strong
infrastructure base that covers multiple submarine cable systems,
switching gateways, IP PoPs and earth stations. With its recent
acquisition of Tyco's global submarine network, VSNL provides
seamless connectivity across the globe to carriers and enterprises.
VSNL has 30 points of presence in 12 countries in North America,
Europe and Asia. VSNL also has business operations in Sri Lanka and
Nepal and is soon entering South Africa. In India, VSNL is rapidly
growing its retail presence under the Tata Indicom brand through
its products like high-speed broadband, dial-up Internet, net
telephony and calling cards, and has an active Internet / Broadband
subscriber base. VSNL is consolidating its presence in the Internet
space with an increased focus on the retail broadband business.
VSNL is listed on the major stock exchanges in India and also has
its ADRs listed on the New York Stock Exchange. (www.vsnl.in) About
Teleglobe: Teleglobe (NASDAQ: TLGB) is a leading provider of
international voice, data, Internet and mobile roaming services
with over 50 years of industry expertise in international
telecommunications. Teleglobe owns and operates one of the world's
most extensive telecommunications networks, reaching over 240
countries and territories with advanced voice, mobile, and data
services. Teleglobe is the carrier of choice to more than 1,400
wholesale customers representing the world's leading
telecommunications, mobile operators and Internet service
providers. With an annual run-rate of over 13 billion minutes, and
a significant portion of the world's Internet traffic, Teleglobe's
network is consistently ranked among the most robust and reliable,
performing at the high end of industry standards. Detailed
information about Teleglobe is available on the company's web site
at www.Teleglobe.com.
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