TOKYO (03/31/2000) - AT&T Corp. is in talks to take a major stake in Internet telephony provider Net2Phone Inc., BusinessWeek reported late yesterday.
The magazine said AT&T is in talks with IDT Corp., which owns 58 percent of Net2Phone, regarding a US$1 billion investment in the company and is expected to be joined by British Telecommunications PLC and America Online Inc. in the investment.
AT&T and its two partners are expected to purchase 60 percent of IDT's stake in Net2Phone, the report said. It added that as of March 29, the Net2Phone board had yet to approve the deal.
A spokesperson for Net2Phone declined to comment on the report. The other companies could not immediately be reached for comment.
Net2Phone, in Hackensack, New Jersey, can be reached at +1-201-530-4000 or online at http://www.net2phone.com. AT&T, in Basking Ridge, New Jersey, can be reached at +1-908-221-2000 or online at http://www.att.com.