Clinton approves NTT's planned purchase of Verio.
U.S. President Bill Clinton has approved a plan by Japan's NTT Communications Corp. to buy U.S. Internet service provider Verio Inc., the White House announced Wednesday.
The approval followed a report by the Committee on Foreign Investment in the United States (CFIUS) that said the planned purchase will pose no national security concerns.
''As a result of the investigation and negotiations with NTT Communications and Verio, any national security issues that may have been presented by this transaction have been resolved,'' the White House said in a press release.
The U.S. government watchdog on foreign investment had been investigating the purchase on concerns it might make the United States vulnerable to wiretapping.
NTT Communications is a wholly owned long-distance and international phone service subsidiary of Nippon Telegraph and Telephone Corp. whose main shareholder is the Japanese government.
Now that Clinton has given his final approval, NTT Communications, which already has a 10% stake in Verio, will buy the remaining 90% of the shares to strengthen its Internet business in the U.S.
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|Comment:||Clinton approves NTT's planned purchase of Verio.|
|Date:||Aug 28, 2000|
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