NTT Communications Corp. announced Monday that it will acquire Verio Inc. of the United States, a major Internet service provider, in order to become a "full-service player" in Asia, Europe and the U.S.
The two firms agreed that NTT Communications, a subsidiary of Nippon Telegraph and Telephone Corp., will buy all the outstanding shares of Verio at $60 per share in a deal totaling $5.5 billion.
According to the agreement, a U.S. subsidiary of NTT Communications will make a tender offer no later than May 17 and subsequently merge with the Colorado-based firm. , NTT Communications said. The transaction is expected to be completed in the third quarter of 2000.