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News > Deals
Verio, NTT still cooperating
August 3, 2000: 3:29 p.m. ET

NTT and Verio reiterate they are helping with investigation of merger
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NEW YORK (CNNfn) - In an effort to quell rumors and calm fears, Verio Inc. and Japan's NTT Communications Corp. reiterated Thursday that they are still cooperating with a U.S. government investigation of its proposed merger.

The Treasury Department's Committee on Foreign Investment in the United States is investigating the deal, with the help of the FBI, National Security Council (NSC), and the Departments of State, Defense and Commerce, according to an NSC source.

Concerns have surfaced that NTT's ownership of Verio (VRIO: Research, Estimates), which includes an Internet backbone, will inhibit the U.S. government's ability to maintain surveillance over the company's telecommunications network and infringe on the FBI's ability to perform wiretaps.

graphic"While the confidential nature of that process precludes us from reporting or commenting in detail on the status of and development in the course of that investigation, we are issuing this statement to address the recent volatility in Verio's stock price that appears to be related to rumors concerning the status of the merger transaction," the companies said in a statement.

Treasury spokesmen have repeatedly declined to comment on the investigation or even to confirm that one is under way.

The companies can proceed with the deal after Aug. 29, even if the investigation is not completed, but such a course of action would be costly if authorities move to block the merger.

The companies also said they are still confident that the deal will be approved. Back to top

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