Monday, May 2, 2005

VSNL Secures U.S. Gov't Approvals to Acquire Tyco Global Network

The FCC gave its approval to transfer the Tyco Global Network (TGN) landing station licenses from Tyco to Videsh Sanchar Nigam Limited (VSNL), India's largest provider of international telecommunications and internet services. The FCC's approval culminates a nearly six-month process that included a formal review by the Committee on Foreign Investment in the United States (CFIUS) as well as the Department of Homeland Security (DHS), the Department of Defense (DOD), the Department of Justice (DOJ), the Federal Bureau of Investigation (FBI) and other agencies to ensure the transaction would not pose competition, law enforcement, national security or public safety concerns.

  • In November, 2004 VSNL announced that it agreed to acquire Tyco Global Networkfor $130 million (not including the assumption of certain liabilities).

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