April 19, 1997 |
In a blow to rival AT&T, MCI Communications Corp. and British Telecom announced Friday they will extend their global network by forming an alliance with Telefonica de Espana, Spain's national phone company. The deal would give the trio of telephone partners a huge presence on three continents--North America, Europe and now the hot South America market that is expected to nearly double in size to $53 billion by 2000.
February 22, 1996
Telecom Concerns to Buy Stakes in Newtone: British Telecommunications and Washington-based MCI Communications Corp. said they will own 25% and 15%, respectively, of Newtone Ltd., a venture seeking a license to provide international telecommunications in Israel. BT set up Newtone in March with Israeli partners to establish a Mideast bridgehead. It will compete with Israeli telephone company Bezeq.
November 14, 1996 |
Microsoft has joined with MCI and British Telecom to sell a package of Internet services and software to multinational companies, offering them one-stop shopping for linking far-flung computer networks. Some industry analysts said the alliance apparently will offer the first all-inclusive package of telecommunications and software services for international companies seeking to set up private Internets.
August 23, 1997 |
Hammering out new terms to merge, British Telecommunications on Friday shaved about 20% off its price for MCI Communications Corp. to compensate for MCI's expensive bid to break into the local phone market. The renegotiated price of $18.9 billion, based on Friday's stock market close, caps two up-and-down days of tense renegotiations between the telecommunications titans.
November 13, 1997 |
British Telecommunications said it will buy MCI Communications Corp.'s 24.9% stake in Concert Communications, the companies' international phone services venture. The companies have not agreed on a price. The move follows WorldCom Inc.'s plan to pay $7 billion in cash for British Telecom's 20% stake in Washington-based MCI as part of WorldCom's planned $37-billion acquisition of the No. 2 U.S. long-distance company.
November 11, 1997 |
British Telecommunications' decision to accept $6.9 billion in cash from WorldCom Inc. for its holding in MCI Communications Corp. leaves it with a fat nest egg and a significant hole in its global ambitions, analysts said. BT's decision came after WorldCom raised its offer for MCI by 23% to $51 a share, or $41.43 billion with debt, easily topping both BT's and GTE Corp.'s competing bids. It also agreed to pay BT $6.9 billion in cash for its 18% MCI stake.