PEMBROKE, Bermuda, Nov. 1 -- Tyco International Ltd. announced it has agreed to sell its Tyco Global Network to Videsh Sanchar Nigam Ltd. (VSNL), the telecom unit of India's Tata group, for $130 million. The sale is subject to government approval in the US, India and other countries. Additional terms of the transaction were not disclosed.
The Tyco Global Network (TGN) is a 60,000-km undersea fiber optic telecommunications network that straddles the US, Europe and Asia with terabits of bandwidth and is one of the 50 businesses Tyco International put up for sale last November. Tyco said the divestiture of the TGN is part of its strategy to focus on its core businesses, simplify operations and improve its cost structure. Tyco will retain the telecommunications systems supply business, which provides maintenance and undersea cable construction.
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