Ltd. from Millennium International Ltd., the companies have revealed in a press release.

As part of the deal, BTC will also pay off some debts Logic owed to Millennium.

BTC and Millennium are listed on the Bermuda Stock Exchange. BTC provides local telephone service on the Island. Millennium, a holding company, is left with two telecommunications operations in the Bahamas.

Logic provides computer systems integration, data management and Internet services. Logic was formed when Business Systems Ltd. and Internat (Bermuda) Ltd. combined operations in 1997.

Under the purchase agreement, Logic will have a board of directors separate from that of BTC to "preserve its operational autonomy,'' according to the release.

"The telecommunications and information technology industries today cross international boundaries and companies must be postioned to compete globally,'' Logic president Peter Durhager stated.

"Consolidations such as this are occurring worldwide. This amalgamation will combine the resources of BTC and the infrastructure, technical staff and global relationships built by Logic, propelling Logic to the next level of development and competition.'' Mr. Durhager will remain as president of Logic. Neil Speight will remain as chief financial officer. Steve Pozzobon has left his position as general manager to work for a company in Chicago.

Now that it has cash in hand, the next move for Millennium will be to decide where to deploy the capital.

The company's board will be meeting to decide on the next move. However Millennium chairman William Midon has said the company will try to develop electronic commerce in Bermuda. He also sees sees growth coming from its remaining operations in the Bahamas -- Digital Systems (Bahamas) Ltd. and Internet (Bahamas) Ltd.

Both operations are self sustaining and are in the same business as Logic Communications. Mr. Midon said the companies, which employ about 20 staff, are prospering along with the booming Bahamian economy. He also sees the companies as a regional springboard for future expansion in the Caribbean and Latin America.

Millennium International, whose shares last traded at $3.25, is a closely held company which was founded by Mr. Midon and Nicholas Weare. According to the company's share register Mr. Weare held 259,493 shares -- or 18 percent of the company -- as of 1997.

While Mr. Midon is not listed as directly holding any shares on the register, Murdoch & Co., a Bank of Bermuda nominee company though which investors can hold shares in companies anonymously, holds 32 percent of the company.

Together Mr. Weare and the nominee shares have a controlling interest of 50 percent of the company.

Mr. Midon's wife Hilary holds a six percent stake in Millennium. Villanova Investments holds another 11.5 percent while Harcourt & Co., another nominee company, holds nine percent.