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Morgan Stanley Capital Partners is investing 15m pounds in First Telecom Plc a small UK telecommunications company that offers calling card services. The investment was made by the private equity unit of Morgan Stanley, which has bought it a 26% stake in First Telecom. The company currently has operations is the UK and Germany and will be launching First Telecom in France on 1 October. At the launch of the German subsidiary in Frankfurt last month, First Telecom announced that it planned to offer 60% discounts on the long distance rates of Deutsche Telekom, and capture 1% of the DM15bn ($8.3bn) market by mid 1998.

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