MIAMI, July 14 -- AT&T Latin America and FirstCom Corp., a communications company in South America that will soon merge with AT&T Latin America, announced a $500 million investment in Keytech LD of Argentina. AT&T Latin America had recently acquired Keytech, which is a fledgling communications company in Argentina.
Through the acquisition of Keytech LD, our additional investments, and the excellent progress made by the Argentine government in setting regulatory standards, AT&T Latin America plans to expand Argentina's communications infrastructure, bring more competition and more jobs to the country, said Patricio E. Northland, current chairman and CEO of FirstCom and AT&T Latin America once the merger is finalized.
AT&T Latin America will invest $150 million in Keytech by the middle of next year and an another $350 million by 2004 in an ongoing plan to develop Keytech's broadband fiber infrastructure and network build-out in cities throughout Argentina, said AT&T Latin America. Keytech will arrange a 2,500-kilometer network using advanced fiber optic technology with an asynchronous transfer mode/IP multi-service platform.