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July 15, 1998

CABLE AND WIRELESS ACQUIRES MCI’S US INTERNET BUSINESS

By CBR Staff Writer

Cable & Wireless Plc has, as expected, agreed to acquire MCI Corp’s US internet business, and will pay $1.75bn in cash. Following the announcement, the US Department of Justice gave its approval for Worldcom Inc’s $49bn purchase of MCI Communications Corp. The deal turns C&W into the world’s second largest internet service provider, after Worldcom/MCI itself, and C&W says it expects to gain $650m in revenues in the year to March 30 2000 from the purchase. For the full story, see Network Briefing.

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