LONDON--Telecommunications and medical technology group BATM
Advanced Communications Ltd (BVC.TV) said Monday that a consortium
including BATM was yesterday selected to establish Israel's third
communications infrastructure venture.
MAIN FACTS:
-Venture is in conjunction with the Israeli Electricity
Corporation, or IEC, to roll-out fiber optic broadband and Internet
services throughout Israel.
-The consortium will roll-out fiber optic cables on the
electricity network of the IEC.
-Following the installation of the network, customers will be
supplied with a range of advanced services and bandwidth
significantly higher than those currently existing in Israel.
-It is hoped that the project, in connecting every household
through a technological revolution of broadband communications,
will be of broad benefit to the economy, education, health,
technology and society of Israel.
-A new company will be established for the purposes of this
project and will be 60% owned by the consortium and 40% by the
IEC.
-It is expected that the financial closing of the transaction
will take place within a month.
-Securing this contract was included in the group's expectations
of its financial performance for both the current and coming
year.
-In addition to ViaEuropa, the consortium includes Rapac Group,
BATM, Zisappel assets and Tamares Holdings, and Cisco Systems will
be the technology leader.
-Under the terms of the agreement, BATM will provide equipment
for the fiber optic network together with Cisco Systems and
others.
-Shares at 1007 GMT, up 1.0, or 3.3%, at 16 pence valuing the
company at GBP60 million.
-Write to Rory Gallivan at rory.gallivan@dowjones.com; Twitter:
@RoryGallivan
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