OpManager: A single console to manage your complete IT infrastructure. Click here for a 30-day free trial.
Welcome Guest | Sign In
ECommerceTimes.com

Stock Watch: AT&T Investment Lifts Net2Phone

Stock Watch: AT&T Investment Lifts Net2Phone

By Nora Macaluso
08/14/00 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.

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
Boost your international sales on eBay