Global Crossing Awarded Contract by UK Government
By Victoria Sayasone

High-speed telecommunications carrier Global Crossing said Wednesday it signed a $250 million (164 million pound) deal to provide voice, messaging and data services to the British Government.

The company said in a statement it beat out rival British Telecommunications in its bid for the project.

Under the 10-year contract, Global Crossing will manage a virtual private network connecting 135 sites in nearly 100 countries, including 240 British Embassies, Consulates, High Commissions and diplomatic missions worldwide.

Bermuda, based-Global Crossing said the agreement is the largest outsourcing project awarded to date by the UK's Foreign and Commonwealth Office.

"This latest success demonstrates sustained growth in a core market and builds on the company's experience in managing and operating complex data services and facilities networks for government," said UK Global Crossings Managing Director Martin Lea.

Shares of Global Crossing (GBLX) fell $2.50, or 7.6 percent, to $30.38, despite the multimillion-dollar win.