The Fishman Group is to pay $98 million for a 30% stake in Mediterranean Nautilus S.A., the Telecom Italia Group holding for all affiliated companies developing the Mediterranean Nautilus project.

The project involves establishing a 7,000 kilometer undersea telecommunication cable, linking Italy, Greece, Turkey, Cyprus, Egypt, and Israel via an advanced fiber optic system, which can handle 45 million telephone calls per second.

Mediterranean Nautilus Holding currently has a 51% stake in the operating company Mediterranean Nautilus Ltd 1, 100% in the Italian company Elettra, and in the Greek Internet Service Provider Forthnet.

The Mediterranean Nautilus network will supply carriers, ISP's, content and application providers, as well as multi-national clients with city-to-city high speed international connectivity, transmission of voice, video, data, and Internet services, co-location services and web hosting.

Telecom Italia will supply the connectivity to European, North and South American cities, in addition to those already connected by Mediterranean Nautilus.