Tyco International has agreed to sell its Tyco Global Network to Videsh Sanchar Nigam Limited (VSNL), India’s leading telephone and internet services provider, for $130 million.
The sale is subject to government approval in the United States, India and other countries. Additional terms of the transaction were not disclosed.
The Tyco Global Network (TGN) is an undersea fibre optics telecommunications network. Divestiture of the TGN is said to be part of the company’s strategy to sharpen its focus on core businesses, simplify operations and improve its cost structure.
Tyco will retain the telecommunications systems supply business, which provides maintenance and undersea cable construction.