Tyco to Create Own Fiber Optic Network, Launch IPO
Hamilton, Bermuda. Diversified manufacturer Tyco International Ltd. on Monday said its undersea fiber optics business will design, build, operate and maintain its own global undersea fiber optic communications network and offer 20 percent of the new company in an initial public offering.
Upon its completion, the new system, to be known as the TyCom Global Network, will be the largest and most advanced global undersea telecommunications fiber optic network, the company said. Tyco said it expects to file a registration statement with the Securities and Exchange Commission in the first calendar quarter of 2000 and to complete the initial offering by mid-year, depending on market conditions. Tyco and the management team of its wholly-owned subsidiary Tyco Submarine Systems Ltd. (TSSL), which has been responsible for the company s undersea fiber optics business, will manage TyCom.
Phase 1 of TyCom will offer a minimum capacity of 2.56 terabits over a fully integrated system and span more than 85,000 undersea kilometers to connect 25 major telecommunications cities including New York, London, Tel Aviv, St. Petersburg, Hong Kong, Tokyo, Seattle, Los Angeles and 15 other major European cities, the company said.
Tyco said it would use its own equipment for the network and has begun the first phase of construction. The Transatlantic portion of Phase 1 will be operational by the end of next year, with the Transpacific and European systems expected to be running by the end of 2002, Tyco said.
"The TyCom Global Network will enable Tyco to realize additional value for our shareholders by putting our expertise to work not just as a designer, builder and maintainer of systems, but also as an owner and seller of undersea cable bandwidth to the telecommunications carriers of the world," L. Dennis Kozlowski, Tyco chief executive, said in a statement.
The decision to commit Tyco s undersea fiber optics business to implement TGN was based on the demand for undersea fiber optic networks to serve growing worldwide communication needs, the company said. TSSL manufactures cable, repeater and transmission equipment at facilities located in New Hampshire, New Jersey and Virginia. TSSL owns and operates 13 world class cable ships for the installation and maintenance of undersea communication network systems. The subsidiary has completed 85 undersea fiber optic networks, consisting of more than 350,000 kilometers of fiber optic cable and connecting over 100 countries.
Contact:
J. Brad McGee, Senior Vice President of Tyco International (US) Inc.,
Tel: 603-778-9700
Tel: 603-778-9700
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