AT&T-Led Group Buys 32% Stake in Net2Phone.(Brief Article)
Multichannel News, April, 2000
NEW YORK -- A consortium led by AT&T Corp. has agreed to invest $1.4 billion for a 32 percent equity stake in Internet-telephone provider Net2Phone. The group -- including British Telecommunications plc and Liberty Media Group -- gets a 39 percent voting stake with rights to up that stake to 59 percent.
AT&T and Net2Phone plan to develop Internet-voice applications for cable telephony and business communications. AT&T and Net2Phone parent IDT Corp. will get a license to deploy Net2Phone's technologies on a guaranteed lowest-cost basis.
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