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 Technology Stocks : Williams Communications Group - WCG

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To: MangoBoy who wrote ()5/26/1999 8:43:00 PM
From: Mark SherryRead Replies (1) of 609
 
Williams Communications Group
Inc. said Wednesday that Mexican phone group Telefonos de
Mexico S.A. (NYSE:TMX) will invest up to $100 million in the
company and the two will connect their long distance fiber
optic networks.
It is only the latest deal the communications unit of
Tulsa, Okla.-based energy group Williams Cos. (NYSE:WMB) has
struck for investments that will occur simultaneously with its
planned initial public offering.
The company has filed with federal regulators for a $750
million IPO, with no price range yet given.
Telmex will buy up to $100 million of the Class A common
shares of Williams Communications at the time of the IPO. The
deal will help the companies bring voice, data and video
between Mexico and the United States, Williams Communications
said, adding it will use the money to continue building its
network.
The agreement comes on the heels of a planned $200 million
investment from Intel Corp. (NASDAQ:INTC), the leading computer chip
maker, in exchange for which Williams will provide network
transmission services for Web-hosting computer centers being
built by Intel.
Regional phone group SBC Communications Inc. (NYSE:SBC) in
February struck an alliance with Williams Communications,
taking up to a 10 percent stake for as much as $500 million,
concurrent with the IPO in exchange for network space.
Through such deals, the company is helping to ensure it
will have plenty of traffic for its high-capacity network.
Its fiber optic network is one of the four largest long-
distance networks in the United States and services 50 of the
top U.S. markets. It plans to expand the network to reach 125
cities nationwide by the end of next year.
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