( NT) Thursday inked a deal with
to supply equipment and network services to set up high-speed Internet access in European cities.
Nortel, of Ontario, also entered a deal with
, 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).