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Infonet lands $1 billion contract

Infonet Services (NYSE: IN) landed a deal worth up to $1 billion with Germany's largest phone company.

Deutsche Telekom (NYSE: DT) signed a memo of understanding to sell Infonet's global network services. Infonet, which provides international data communications network, said the five-year agreement would add up to $1 billion over five years.

The service will be sold under a private label basis as a Deutsche Telekom offering.

Shares of Infonet closed Thursday's regular trading at 22 3/8, down 2 1/16 for the session. The stock, which went went public in December, peaked at a closing high of 32 15/16 in early March.>