VANCOUVER -- 360networks inc. today announced the completion of its $1 billion acquisition of GlobeNet Communications Group Limited.

Final approval from the United States Federal Communications Commission for the transfer of cable landing licenses and from the Bermuda government paved the way for the closing. GlobeNet shareholders approved the sale in May.

GlobeNet shareholders will receive 2.51 subordinate voting shares of 360networks for each GlobeNet common share for a total of 47.3 million shares of 360networks common stock. Based on the anticipated number of 360networks outstanding shares, GlobeNet shareholders are expected to own about 5% of 360networks. In addition, GlobeNet will retain $400 million of existing debt.

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