Dow Jones Newswires -- March 28, 1999
Australia's PowerTel To Buy A$100M Infrastructure From Cisco
SYDNEY (Dow Jones)--PowerTel Ltd. (A.PWT), an Australian telecommunications concern, Monday said it will spend A$100 million on buying new generation internet protocol network infrastructure from Cisco Systems Inc. (CSCO) of the U.S.
The infrastructure, which incorporates ATM or Asynchronous Transfer Mode technology, will allow PowerTel to offer data, voice, and video services to both business and retail customers, the company said in a statement.
PowerTel, formerly Spectrum Network Systems Ltd., is 45%-owned by U.S.-based Williams Cos. (WMB) and 30%-owned by DownTown Utilities Pty. Ltd., which is a consortium of state government-owned electricity distribution companies EnergyAustralia in Sydney, and Energex in Brisbane, along with U.S.-based American Electric Power Co.'s (AEP) Melbourne-based unit, Citipower.
Internet protocol refers to the common language used by computers to run the internet infrastructure.
PowerTel will spend A$217 million on expanding its network in 1999 and plans to outlay a similar amount in 2000, chief executive officer, Gary Dupler, told Dow Jones Newswires.
Around 0345 GMT shares in PowerTel were 25%, or 32 Australian cents, higher at A$1.61 each.
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