VSNL Completes Teleglobe Acquisition

A $239 million deal closes.
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International telecommunications and Internet services provider

VSNL

(VSL) - Get Report

said it completed the acquisition of

Teleglobe

, a provider of international voice, data, Internet and mobile roaming services.

The acquistion will help VSNL own and operate one of the world's largest international mobile, data and voice networks with coverage to more than 240 countries and territories. The acquisition will enable the company's wholesale customers to benefit from superior network reach and scalability from a single partner worldwide for voice, data and mobile services.

"We are now a key player in the international wholesale market, supporting more than 1,400 customers. Our complementary networks and capabilities will further drive mobile, data and voice innovation for our enterprise customers," the company said.

The acquisition agreement was entered July 2005, for about $239 million, comprising payment of $4.50 a share to Teleglobe shareholders, and assumption of net debt.

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