360networks Inc for $1 billion.

The final approval from the United States Federal Communications Commission for the transfer of cable landing licenses and from the Bermuda Government paved the way for the closing of the deal.

GlobeNet shareholders approved the sale in May.

GlobeNet shareholders will receive 2.51 subordinate voting shares of 360networks for each GlobeNet common share for a total of 47.3 million shares of 360networks common stock.

Based on the anticipated number of 360networks outstanding shares, GlobeNet shareholders are expected to own about 5 percent of 360networks. In addition, GlobeNet will retain $400 million of existing debt. Based in St. David's, GlobeNet is installing the first independent sub-sea, fiber optic network between North and South America.

Formerly known as Atlantica-1, the 28,000-kilometre (17,400-mile) network is being renamed 360americas.

The first leg of the northern network ring linking the United States, Bermuda and Brazil will be ready for service in September.

The remainder of the ring linking Brazil to Venezuela and the United States will be completed by February 2001.

A central ring from Fortaleza, Brazil to Rio de Janeiro with a terrestrial network extension to Sao Paulo is also scheduled to enter service in February 2001.

A southern ring connecting Rio de Janeiro with Buenos Aires will be completed by the end of 2001.