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. Last Updated: 07/27/2016

Atlantic, Marconi Deal

LONDON -- Scottish-based Atlantic Telecom Group PLC said Friday it was forming a partnership with Marconi PLC that will see Marconi taking a stake of up to 27 percent in Atlantic.

Atlantic shares soared by 69 percent following the news, which Atlantic said involved a total of around pounds 315 million ($510 million) of value being injected into the company.

The agreement gives Atlantic 20-year exclusive use and maintenance of dedicated fiber over a broadband fiber optic network, together with associated equipment and software.