|
Infonet looks for buyer
|
 |
March 22, 2001: 5:12 p.m. ET
Global communications services provider searches for strategic partner
|
NEW YORK (CNNfn) - Infonet Services Corp. is looking for strategic partners which may include selling the company, a source familiar with the situation told CNNfn.com.
Infonet's Class A shareholders—which include KPN N.V., Telia, SwissCom AG, Australia's Telstra, Spain's Telefonica S.A and KDD—are looking to sell their assets. Since the six telecoms represent 88 percent of the entire shareholder base the company decided to look for strategic partners, the source said.
"Given that certain of our Class A shareholders recently have expressed an interest in monetizing their equity holdings, the process to be launched by Infonet is intended to maximize value for all shareholders by allowing the company to explore strategic relationships with a broad range of potential partners," CEO Jose Collazo said in a statement Thursday.
Infonet is considering selling if it finds "a good value for shareholders," the source said. The global communications services provider has hired UBS Warburg and Merrill Lynch to help in the effort.
 In October, Infonet broke off merger talks with Dutch data network provider Equant N.V.
El Segundo, Calif.-based Infonet (IN: Research, Estimates) has a $2.4 billion market cap and provides Internet, intranet, ATM and integrated voice and data services in more than 60 countries.
The auction process has just begun but potential bidders for Infonet include France Telecom and Global Crossing, both of whom also bid on Equant, the source said.
Shares for Infonet have plunged from their 52-week high of $33.68, but gained 67 cents to $5.74 on the New York Stock Exchange Thursday.
American Depositary Receipts for KPN (KPN: Research, Estimates) fell by 70 cents to $9.10, SwissCom (SCM: Research, Estimates) lost $1.18 to $20.92 and Telefonica dropped $1.20 to 44.20, 
|
|
|
|
|
 |
|
