Nortel, Global Crossing Plan European Network - TheStreet

Nortel Networks

( NT) Thursday inked a deal with

Global Crossing

(GBLX)

to supply equipment and network services to set up high-speed Internet access in European cities.

Nortel, of Ontario, also entered a deal with

MKI

, a leading European construction company, to build the network, starting with London, Paris and Frankfurt.

"We will work in a strategic partnership with Nortel Networks to ensure the network will be operational in record time," said Wim Huisman, chief executive officer of

Global Crossing Europe

, in a statement.

The deal will eventually allow Global Crossing, based in Bermuda, to connect directly to its customers and eliminate costs associated with interconnection through other operators.

Nortel closed Wednesday at 64 1/2, up 1 3/8. Global Crossing was unchanged at 28 9/16. (Nortel closed Thursday up 2 5/8, or 4%, at 67 while Global Crossing finished up 1 7/8, or 5%, to 30).