It's amazing how indebted companies always have a spare £400m knocking about when they need it...
Published: 19 October 2001 08:50 GMT
Dutch telco KPNQwest has agreed to pay E645m (£403m) for the assets of Global Telesystems (GTS) - including Europe's largest fibre optic network.
The merging of the two companies is likely to result in about 1,000 redundancies and according to the Financial Times KPNQwest is considering closing the GTS headquarters in London.
In related news, KPN is to sell a quarter of its stake in KPNQwest for around E82m (£51m) and according to the Financial Times with cease to consolidate E480m (£300m) of KPNQwest's debt.
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