Telcom Italia Inks $498 Million Deal with Global Crossing

ROME, Oct. 5 -- Telecom Italia has arranged to puchase dark fiber and the long-term lease of a cable ship from Bermuda-based Global Crossing Inc.. Latin American Nautilus, 70 percent owned by Telecom Italia, agreed to buy 18,000 km of dark fiber in South America for $360 million and Mediterranean Nautilus, which is 51 percent owned by Telecom Italia, has agreed to purchase dark fiber to connect Italy with Greece, Turkey, Israel and Egypt for $88 million. Elettra has arranged for the long-term lease of a ship to install underwater cables for the remaining $50 million.