August 22, 2005
As reported in the The Economic Times, Kelley Drye is representing Videsh Sanchar Nigam Limited ("VSNL"), of the Tata Group, in its acquisition of Teleglobe International Holdings, a provider of wholesale voice, data, Internet protocol and mobile signaling services for $239 million. The acquisition will be carried out through the merger of Teleglobe, a public company listed on the Nasdaq Stock Market, with a VSNL subsidiary in Bermuda. The acquisition value includes payment of $4.50 per share to shareholders of Teleglobe in cash and the assumption of Teleglobe debt. The transaction is subject to the approval of Teleglobe?s shareholders and government approvals in various countries.
As a result of the transaction, VSNL will have access to more than 200 direct and bilateral agreements with leading voice carriers, many of which are the incumbent carriers in their countries or large international wireless service providers.
Providing assistance on international aspects of the transaction are Blakes, Cassels & Graydon LLP for Canadian matters and Herbert Smith LLP for British and other international matters.