Government announced the completion of the sale of GlobeNet Fibre Optic Ring to Brasil Telecom - after months of negotiations.

Telecommunications Minister Renee Webb - in a statement - said the Ministry is "very pleased and excited" by the deal because it "not only provides long-term stability for the future of the GlobeNet Cable Network but it also enhances Bermuda's reputation as a technology advanced jurisdiction with state of the art telecommunications links".

The sale was completed on June 11. On November 15, 2002, the companies had signed a Stock and Asset Purchase Agreement.

The company's operating licence is being transferred to its new owners Basil Telecom Subsea Cable System (Bermuda). The sale has proceeded in the wake of the collapse of 360networks, which had acquired GlobeNet Group in June 2000.

GlobeNet's network connects Bermuda with South America and the United States and is used by both of the Island's Class `A' carriers, TeleBermuda International and Cable and Wireless.