LONDON (04/18/2000) - Telecommunications company Cable and Wireless PLC (C&W) has increased its stake in Brussels-based, pan-European IP (Internet protocol) network carrier Ipergy from 10 percent to 51 percent with an agreement to fully acquire the company by 2001, C&W announced today.
"We are not revealing how much we are spending. But we did have 10 percent and today we have 51 percent," C&W spokeswoman Kate van den Broek said.
With the acquisition of Ipergy, which has offices in Belgium, the Netherlands, U.K., France, Germany, Spain, Italy and Switzerland, C&W will be able to launch its European IP network and services nine months ahead of schedule, van den Broek said.
Last January, C&W announced plans to invest US$500 million in its European IP network and that it had purchased eight independent European ISPs (Internet service providers) in Austria, Belgium, France, Italy, Spain and Switzerland as part of that expansion. [See "C&W Buys 8 European ISPs, Expands IP Network," Jan. 13.]Ipergy, with net assets of 2 million pounds and forecasted annual revenue of 20 million pounds, will provide the integration platform for pulling the newly acquired ISPs together, C&W said in a statement.
C&W says its 9.6G-bit IP network will serve 200 cities in Europe by mid-2001.
Cable & Wireless, in London, can be contacted at +44-171-315-4000 or at http://www.cwplc.com/.Ipergy, in Brussels, can be contacted at +32-2-535-79-50 or at http://www.ipergy.com/.