Global Crossing, Asia Global Crossing end merger talks
Global Crossing this week announced that merger talks with its Asian affiliate Asia Global Crossing have ceased, leaving the two to operate as separate companies with the same CEO.
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“We still believe there are synergies between the companies, but conditions aren’t right now for a merger,” a spokeswoman for both companies said.
Last month, Global Crossing deposed its fourth CEO in as many years, replacing Tom Casey with Asia Global Crossing CEO John Legere. Legere remains head of both companies, which have separate boards and management structures but are otherwise linked. Global Crossing owns a 59% stake in Asia Global Crossing.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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