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  • Subject: IBM Selling off more assets !
  • From: Neil Palmer <npalmer@xxxxxxxxxxx>
  • Date: Wed, 2 Sep 1998 11:45:52 -0600

IBM global network sale could raise up to $4bn
               By Andrew Cave in New York 

               COMPUTER giant IBM could increase the proceeds of its
disposal programme to $6 billion with a sale of its global
               networks operation.

               The company is reported to have hired Merrill Lynch to
auction the network. A sale could raise $3-$4 billion in
               addition to the $2.5 billion that could be brought in
from the planned sale of IBM's printer division. That sale is being
               handled by Goldman Sachs.

               IBM's global network grew out of a data transfer system
that linked the company's sites. It now transmits corporate data
               for about 30,000 plants and offices in 900 cities in 50
countries. The network employs about 6,000 people and is
               estimated to have revenue of about $2 billion a year. Its
internet arm provides Internet access to 1m customers.

               IBM declined to comment on the reports, but commentators
said that, although the network was profitable, it was
               expensive to maintain, costing IBM about ?200m a year to
upgrade.

(c) Copyright Telegraph Group Limited 1998
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