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AT & T-Led Group Buys 32% Stake in Net2Phone

4/02/2000 8:00 PM Eastern

New York-A consortium led by AT & T Corp. has agreed to invest $1.4 billion for a 32 percent equity stake in Internet-telephone provider Net2Phone.

The group-including British Telecommunications plc and Liberty Media Group-gets a 39 percent voting stake with rights to up that stake to 59 percent.

AT & T and Net2Phone plan to develop Internet-voice applications for cable telephony and business communications. AT & T and Net2Phone parent IDT Corp. will get a license to deploy Net2Phone' s technologies on a guaranteed lowest-cost basis.

September