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Short Take: Viatel buys undersea stake from Level 3

Viatel has signed an agreement to buy a 25 percent ownership stake, valued at more than $150 million, in the trans-Atlantic undersea network being built by Level 3 Communications. Both companies will own and operate fiber-optic strands on the network, which is co-owned by Global Crossing and is expected to begin operations in September.

Viatel has signed an agreement to buy a 25 percent ownership stake, valued at more than $150 million, in the trans-Atlantic undersea network being built by Level 3 Communications. Both companies will own and operate fiber-optic strands on the network, which is co-owned by Global Crossing and is expected to begin operations in September.