C&W moves into Internet big-time

01 May 1998

THERE’S A NEW KID on the Internet ‘Big Five’ block! Cable & Wireless Communications has powered its way into the Internet premier league with its ‘snip’ acquisition of the Internet service interests of US telecoms giant MCI Communications. C&W’s buy is a bargain at only $625m (£385m), MCI being a ‘forced seller’ under the terms of a US anti-trust deal (it is in the throes of a $37 billion merger with telecoms rival WorldCom). Crows C&W chief executive Dick Brown: 'This catapults us to a brand new level. With one deal we have created what we could never have built.'