MFN Invests $52M in Undersea Links

Metromedia Fiber Network Takes Stake in Undersea Fiber-Optic Cables To Interconnect Its Worldwide IP Infrastructure.

May 9, 2000

1 Min Read

NEW YORK, NY -- Metromedia Fiber Network, Inc., the leader in deployment of optical Internet infrastructure within key metropolitan areas internationally, has finalized an agreement with Pacific Gateway Exchange, Inc. to purchase PGE's ownership position in two transoceanic fiber-optic cable consortia.

The acquisition includes capacity on the US-Europe cable (TAT-14) and the Japan-U.S. Cable Network, along with the acquisition of two of Pacific Gateway's related Japanese subsidiaries.

This purchase establishes MFN as one of the largest owners in the two consortia, and will complement the company's plans to build and control an end-to-end, worldwide optical network. The addition of the Japanese subsidiaries will increase MFN's presence in the Asia-Pacific region. AboveNet Communications, a wholly owned subsidiary of MFN, already offers its global, one-hop Internet network in Japan through a strategic joint venture with major technology leaders.

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