US gov't clears ST Media to buy Global Crossing stake

FRAMINGHAM (09/25/2003) - The U.S. government has approved Singapore Technologies Telemedia's plan to buy a 61.5 percent stake in Global Crossing. Singapore Technologies is paying US$250 million for the bankrupt carrier. Global Crossing filed for Chapter 11 bankruptcy protection in January 2002. The deal was under scrutiny because Global Crossing carries some U.S. federal government traffic and the Singapore government controls Singapore Technologies. But despite reported U.S. Department of Defense concerns, the Committee for Foreign Investment in the U.S. approved the deal.

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