as its shares were de-listed from the Bermuda Stock Exchange.

The company was last week officially acquired by 360networks Inc for $1 billion.

Shares were suspended in GlobeNet on the Bermuda Stock Exchange while the final documents were approved.

And yesterday the Stock Exchange said that GlobeNet Communications had withdrawn its listings of common shares from the BSX.

Last week the United States Federal Communications Commission for the transfer of cable landing licenses and the Bermuda Government said they approved the deal.

GlobeNet shareholders approved the sale in May, but it had taken until last week for approval to come through.

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, fibre 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.

"This is a very important acquisition for us as it expands our international network and enables us to become the first company to provide seamless broadband connections between the Americas and Europe,'' said Greg Maffei, president and chief executive officer of 360networks.

"We look forward to expanding and strengthening our fast growing 360networks team with GlobeNet staff, who will help us to deliver bandwidth and co-location services worldwide,'' Mr. Maffei added.

360networks is listed on the Nasdaq and offers broadband network and co- location services to telecommunications and data communications companies.

It claims it is developing one of the largest and most technologically advanced fibre optic networks in the world.