EMI, Bezek International Lead GroupsGaining Control of Global Net Consortium

TEL-AVIV, Israel, Oct. 29 -- Groups led by Elbit Medical Imaging Ltd. and Bezek International Ltd. have reached an agreement with the Oxygen Group under which the EMI- and Bezek-led groups will obtain rights, subject to certain conditions, to acquire control of the Oxygen international consortium that plans to build and operate a global fiber optic network.
The first stage of the network project involves laying submarine and terrestrial cable to connect Tel Aviv and New York via Europe and the UK. This phase of the project, which is scheduled for completion within two years, will require a total investment of $1.5 billion (US). The remaining sections of the international network will be built in later stages. EMI estimates the final cost of the global project to be $15 billion (US).