Dow Jones Interactive -
[Cached Version]
Published on: 1/16/2002
Last Visited: 10/12/2002
John Buck, a director at TenX, described Teleglobe as a "stable, fantastic business with excellent relationships and excellent contracts all over the world."
"I think from a pure long-distance perspective, it is a pristine property," he said."The company got in trouble trying to do other things.It invested heavily and that led to its demise.But this a pristine property from a wholesale long-distance perspective."
TenX is a private equity investment firm, headed by Canadian-born Mike Green, that focuses on telecom, high-tech and business services companies.In April, TenX made its first outright acquisition by buying International FiberCom Inc. out of bankruptcy protection for US$20.4-million and assumed debt.
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Mr. Buck said TenX aims to leverage the operational strengths of companies with a strong management team that can execute, rather than depend on financial engineering to make deals work.
Teleglobe, he said, fits into its investment criteria because it has a strong core business and a "bullish" future.