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November 26, 2001
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NTT Communications Acquires Remaining Stake in Davtel |
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| Tokyo, November 26, 2001- NTT Communications Corporation (NTT Com) announced that its wholly owned subsidiary in Australia, NTT Australia Pty. Ltd. (NTT Aus) had signed an agreement to acquire a remaining 51% stake in Davnet Telecommunications Pty Limited (Davtel), an Australian IP service provider and a subsidiary of Davnet Limited (DavNet). As a result, Davtel will become a wholly owned subsidiary of NTT Com. NTT Communications, through NTT Aus, previously acquired a 49% stake in Davtel in December 1999. The agreement announced today, which is valued at A$16 million (approx: 960 million yen), is subject to the approval of shareholders’ general meeting of Davnet and the Foreign Investment Review Board (FIRB) of Australia. NTT Com decided to raise its stake in Davtel in order to provide more comprehensive IP services in the Pacific Rim region. NTT Com, along with Davtel, will provide better IP services to customers in the Pacific Rim region by capitalizing on a new cable network extending between Japan and Australia. About Davtel
About NTT Communications NTT Communications Corporation (NTT Com), a Tokyo-based subsidiary of Nippon Telegraph and Telephone Corporation, provides long distance and international telecommunications reaching over 200 countries worldwide, as well as Internet services. In conjunction with Verio Inc., a US based subsidiary wholly owned by NTT Com, the NTT Com group ranks among the top IP service providers globally. The group provides customers of all sizes in the U.S., Japan, and throughout Asia with a complete range of Internet-based business services – from high-quality IP network services including global connectivity, network management and IP-VPN, to advanced Web-based business solutions. NTT Com's Arcstar global services operating in about 50 countries also provide managed data, multimedia, and other services to some of the largest companies in the world. For more information about NTT Com, visit the company's Web site at http://www.ntt.com/index-e.html |
