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Fibernet, the telecoms network provider, is to be acquired by Global Crossing of the US for £50m.
Fibernet has acquired ICG Interconnect, the German supplier of computer networks, for £1.8m.
Fibernet is to raise £77m in a rights issue in order to fund the development of DSL services in the UK and a fibre-optic network in France.
Fibernet and Redstone Telecom are considering plans to set up equipment outside BT exchanges to gain access to the local loop, and Fibernet has appointed a property company to find suitable sites.
Fibernet has won approval to set up a nationwide fibre-optic network in France by the end of next year, including 28 regional co-location centres.