its undersea fibre optics business will design, build, operate and maintain its own global undersea fibre optic communications network and offer 20 percent of the new company in an initial public offering.

Upon its completion, the new system, to be known as the TyCom Global Network, will be the largest and most advanced global undersea telecommunications fibre optic network, the company said.

Tyco said it expects to file a registration statement with the Securities and Exchange Commission in the first calendar quarter of 2000 and to complete the initial offering by mid-year, depending on market conditions.

Tyco and the management team of its wholly-owned subsidiary Tyco Submarine Systems Ltd., which has been responsible for the company's undersea fibre optics business, will manage it.

"The TyCom Global Network will enable Tyco to realize additional value for our shareholders by putting our expertise to work not just as a designer, builder and maintainer of systems, but also as an owner and seller of undersea cable bandwidth to the telecommunications carriers of the world,'' L. Dennis Kozlowski, Tyco CEO, said.