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C&W boosts Web presence
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January 13, 2000: 3:20 a.m. ET
Telecom firm buys eight ISPs, to spend further $500M on building IP network
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LONDON (CNNfn) - Cable & Wireless doubled its investment in Internet-related business to $2 billion Thursday, buying eight European Internet service providers and spending an additional $500 million on its Internet protocol network.
C&W is already committed to a $1 billion investment program to build out its Internet protocol network, designed to allow companies a secure platform for their e-commerce transactions. C&W calculates the European business IP market will be worth $29 billion in 2002.
The eight business Internet access providers (ISPs) are spread across Europe, in Austria, Belgium, France, Italy, Spain and Switzerland. In 1999 C&W bought business ISPs in Britain, Germany and Sweden.
The new companies together possess 1,000 staff and generate $130 million in annualized revenues.
Cable & Wireless shares (CW-) rose 5.6 percent in early trading in London. The build-out of a pan-European IP network is a key part of its strategy, after it offloaded its residential cable assets to NTL last summer in a $10 billion deal , and sold its share of cellular joint venture One2One for $13.6 billion. The company aims to have 200 European cities connected by 2002, with 18 on the network by this April. 
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Cable & Wireless
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