BT, AT&T Finalize Financial Details for Concert

British Telecommunications PLC and AT&T Corp. announced today the financial closure of Concert, the final step in tying the knot on the deal for the global communications joint venture between the two companies.

Concert, which was first announced in July of 1998, was given the final regulatory clearance by the U.S. Federal Communications Commission in October.

[See "FCC Approves BT, AT&T's Concert Venture," Oct. 22, 1999.] The company, which had already been given the green light by the European Commission and the U.S. Department of Justice, is equally owned by BT and AT&T.

Concert was designed to serve multinational customers, as well as Internet service providers (ISPs) and telecommunication carriers with its international network. Concert's frame relay network reaches every major city in the U.S. and U.K., as well as 170 cities in an additional 47 countries.

Concert has also built an IP (Internet Protocol) network spanning 21 cities in 17 countries. The company is currently planning to integrate its network with an additional network that AT&T purchased from IBM Corp. last year, which would let the network reach more than 60 cities.

The IP network is also connected to AT&T and BT's domestic networks, which will reach 450 points of presence by March, according to the statement issued by the two companies.

Concert, with about 6,000 employees worldwide, combines the international aspects of the two parent companies.

Concert is made up of three businesses. Global Markets resells Concert services including frame relay, global software defined networks and value-added IP services. Global Accounts serves multinational customers from the financial, petroleum and information-technology sectors. International Carrier Services sells network services to fixed and wireless carriers, as well as ISPs worldwide.

Concert can be found on the Web at http://www.concert.com. AT&T, in Basking Ridge, New Jersey, can be reached at +1-908-221-2000 or on the World Wide Web at http://www.att.com. British Telecommunications, in London, is at +44-171-356-5000 or on the Web at http://www.bt.com.

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