STT completes Global Crossing purchase

11 Dec 2003

Singapore Technologies Telemedia (STT) announced yesterday that it has completed the purchase of Bermuda-based Global Crossing, which has just emerged from bankruptcy. STT paid USD250 million for a 61.5% stake in the fibre-optic network operator, and last week agreed to pay an additional USD200 million to creditors to secure approval for the application to go ahead. The Singaporean company will also invest USD100 million into Global Crossing next year if the company is not able to raise fresh funds.

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