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Deutsche Telekom\047s interest in Global One to be acquired by France Telecom
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Deutsche Telekom's interest in Global One to be acquired by France Telecom - Deutsche Telekom will invest the proceeds from the sale of its shares in Global One for the execution of its internationalization strategy
Dr. Ron Sommer: This is another example of Deutsche Telekom taking clear strides in positioning itself internationally for both its customers and shareholders
After negotiations with Deutsche Telekom and Sprint, France Telecom will acquire the shares held by both companies in their joint venture Global One.
Deutsche Telekom will invest the proceeds of 2.76 billion dollars From the sale of its share of 29.2 percent in Global One for the execution of its internatuionalization strategy. In addition, Deutsche Telekom will receive repayment of 1999 shareholder loans amounting to 188.5 million dollars.
Deutsche Telekom will invest the proceeds from the sale of its shares in Global One for the execution of its internationalization strategy.
Dr. Ron Sommer, Chairman of Deutsche Telekom, said: "In line with our policies aimed at creating shareholder value and in the clear interests of our customers, we are pleased with the resolution with respect to the ownership of Global One. This is another example of Deutsche Telekom taking clear strides in positioning itself internationally for both its customers and shareholders."
At the same time, Deutsche Telekom will continue to pursue its internationalization strategy in order to offer its customers integrated telecommunications solutions worldwide via acquisitions and majority shareholdings with strong partners.
In addition, a transition agreement ensures continuity of services for at least the next two years for Deutsche Telekom's multinational customers who receive international services through Global One.
To ensure our multinational customers continue to receive international services, Deutsche Telekom recently obtained a US license (#214) to provide telecommunications services in this country. Deutsche Telekom was also granted in Japan a carrier type 1 license to offer international telecommunications services.
Deutsche Telekom has its own national and international broadband network infrastructure. The European hubs of London, Paris, Amsterdam and Brussels were connected to our high-performance network in 1999 with modern optical transmission technologies. In February, Geneva, Zurich and Milan will also be connected. Deutsche Telekom's own ATM, IP systems and city-network technology have been built at five locations in Europe outside of Germany, six locations in the USA and four in Japan. These all are connected to our national network via broadband connections. Over the course of the year, we will also have expanded our network to cover the nine most important European countries as well as the USA and Japan, and thus be able to offer customers IP and ATM services from one of the most modern telecommunications networks in the world. Deutsche Telekom's complete worldwide network will be operated from the company's Frankfurt-based International Net Management Center. This will enable Deutsche Telekom to offer its worldwide customers seamless services or Internet and broadband communications.
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