Tyco Cleared to Buy Stake in Flag Telecom

PEMBROKE, Bermuda, May 28 -- Tyco International Ltd. said it received antitrust clearance to buy an 11 percent stake in Flag Telecom Holdings Ltd. an owner of under-sea telecommunications cable. Tyco said the purchase would be made by its TyCom Ltd. unit, which provides advanced broadband communications capacity, and would be paid for with TyCom shares and cash.
Tyco said the transaction would not involve a change in control of Flag Telecom. Tyco will hold the Flag Telecom shares for investment purposes and has no intention or right to acquire any additional equity interest in Flag Telecom.