Learn how to evaluate the financial impact of your Omnichannel Engagement Center Solution investment. [Download Report]
Welcome Guest | Sign In
ECommerceTimes.com

Stock Watch: AT&T Investment Lifts Net2Phone

By Nora Macaluso
Aug 14, 2000 12:00 AM PT

Net2Phone Inc. (Nasdaq: NTOP) rose 4 to 30 Friday after AT&T Corp. (NYSE: ATT) invested $1.4 billion in the Hackensack, New Jersey-based company, which provides low-cost phone service over the Internet.

Stock Watch: AT&T Investment Lifts Net2Phone

AT&T bought 4 million Class A shares from the company at $75 apiece, and also purchased 14.9 million shares from IDT Corp. (Nasdaq: IDTC) for the same price. The communications giant now has a 39 percent voting stake in Net2Phone.

"Working together, AT&T and Net2Phone can develop an exciting new generation of communications services,'' said John Petrillo, executive vice president of corporate strategy and development for AT&T. "We're confident that businesses and consumers will find new Internet voice applications quite valuable."

The companies said one of their goals is to create standards for voice enabling the Internet.


Facebook Twitter LinkedIn Google+ RSS
What do you think about Hillary Clinton's use of private email servers during her term as Secretary of State?
She broke the law and should go to jail.
She violated guidelines -- the issue is overblown.
She placed important state department information at risk.
Her servers might have been more secure than the government's.
I really don't care one way or the other.