Los Angeles-based IDB Communications Group Inc has agreement in principle with Swiss-based TeleColumbus AG to manage the facilities of its US subsidiary, New York-headquartered World Communications Inc as a first step to acquiring the business, and looks for $4.5m from the contract this year: it also has agreement with TeleColumbus to acquire $55m-a-year WorldCom and also Houston International Teleport in a proposed two-tiered share exchange transaction; Houston International Teleport, also known as Satellite Transmission and Reception Specialists, Stars, provides domestic and international television programme transmission services and transportable operations, plus private line telecommunications services to Mexico, Central America and South America; it did about $21m in 1991; the first phase of the acquisition agreement calls for IDB to buy 51% of Stars for 1m new IDB shares, and that transaction is expected to close on March 31; the second phase involves the purchase of the remaining 49% interest, and 100% of WorldCom for an additional 2.99m shares and a non-redeemable, convertible preferred stock with a face value of $34m and yielding a 4% a year, convertible into IDB common at $18.38 a share; that should be done by year-end.
