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| Global Crossing sold in $750M deal by Jeremy at 8:56 pm EDT, Aug 12, 2002 | |||
Two Asian companies that failed in a previous bid to buy Global Crossing Ltd. after it filed for bankruptcy in January have succeeded in obtaining a majority investment in the company in a deal valued at $750 million. As a result of the agreement, Global Crossing has cancelled the auction scheduled for August 14, 2002. GC CEO: "Global Crossing is poised to become the global leader providing networking services to enterprises and carrier customers in more than 200 of the world's top cities." ST Telemedia CEO: "Customers will be the real winners in this agreement." | |||
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