has bought a stake in Worldwide Fiber to help fund the construction of an undersea trans-Atlantic fiber-optic cable network.

The deal is the latest in a whirlwind of acquisitions for Tyco, which is the world's largest manufacturer and server of underwater telecommunications systems. The company is also the world's largest manufacturer, installer and provider of fire protection systems and electronic security services. Tyco -- renowned for seeking lucrative opportunities in rich but boring niche markets -- has interests not only in underwater telecommunication systems but also in electronic components, flow control valves and adhesives.

With a presence in more than 80 countries around the world Tyco has expected revenues in excess of $22 billion for this year and already has strong leadership positions in disposable medical products and plastics. This latest foray will add to the company's portfolio of underwater telecommunications networks which includes a joint development with South American Telefonica Internacional of SAm-1 for an under sea fiber-optic cable.

Tyco, along with Providence Equity Partners Inc., DLJ Merchant Banking II Inc.

and GS Capital partners III purchased $345 million in convertible preferred stock of Worldwide Fiber, which is controlled by the Ledcor Group.

The $345 million project, along with an underwritten financing commitment, will fully fund the $850 million project -- called Hibernia -- which will connect Worldwide Fiber's North American network to Europe.

In July, Worldwide Fiber selected Tyco unit Tyco Submarine Systems Ltd as the sole supplier for the 7,564 mile-long project.

"This equity participation with Worldwide Fiber highlights our optimism in the future growth of the undersea fiber-optic cable market,'' said Tyco's chairman and chief executive officer Dennis Kozlowski.