A View on View :: Teleglobe: Jean Monty's Legacy

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Teleglobe: Jean Monty's Legacy

by Mark Evans on Tue 26 Jul 2005 07:58 AM EDT | Permanent Link

At the height of the telecom boom in 2000, BCE Inc. CEO Jean Monty suddenly decided to spend $7.4-billion to acquire the 77% of Teleglobe Inc. that BCE didn't already own. It was another part of his ambitious convergence strategy that would marry networks with content. In hindsight, it was a disasterous move and BCE was eventually forced to walk away from Teleglobe, which went into bankruptcy protection. Teleglobe has popped back into the spotlight today on news India's Videsh Sanchar Nigam Ltd. has made a $239-million bid for the global network operator. For people unfamiliar with VSNL, it is one of the India's leading ISPs, Web hosting firms and its incumbent international carrier. The folks at Light Reading believe the deal is significant because: - VSNL claims it will become the third biggest global player in the international voice market, behind AT&T and MCI. - it bolsters VSNL's international business in light of its previous acquisition of Tyco International's global submarine telecom network. - VSNL is also buying a VOIP wholesale business formerly known as ITXC. Does it seem somewhat ironic the deal is being hailed as a brilliant move by VSNL while it's seen as Jean Monty's Waterloo? It probably has to do with the fact VSNL paid about 2.4% of what Monty did for Teleglobe. To be fair, Monty's convergence strategy wasn't flawed as much as it was probably ahead of its time. For some good insight into the VSNL-Teleglobe deal, check out Om Malik, Ronald Gruia and Light Reading.

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Telecom Acquisitions, Financing

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Re: Teleglobe: Jean Monty's Legacy

by bda on Tue 26 Jul 2005 10:18 AM EDT | Profile | Permanent Link

For people unfamiliar with VSNL, it is one of the India's leading ISPs and Web hosting firms.

VSNL is India's incumbent international carrier ... it is India's equivalent of, well, Teleglobe.

Re: Teleglobe: Jean Monty's Legacy

by Anonymous on Tue 26 Jul 2005 05:39 PM EDT | Permanent Link

What nobody seems to be talking about is how a company that was once a Canadian crown corporation could end up in the hands of a massive Indian comglomerate, which was formerly state controlled and just recently lost its own monopoly. Where did Canadian policymakers go wrong?

They went wrong by letting Charles Sirois take control of Teleglobe. They should have sold it directly to BCE when they first privatized back in the late 1980s. With that approach, we'd still have a homegrown overseas telecom player with a respectable status in the world.

Re: Teleglobe: Jean Monty's Legacy

by Jim Courtney on Tue 26 Jul 2005 06:28 PM EDT | Profile | Permanent Link

Tom Evslin, founder of ITXC, puts an interesting perspective on this acquisition in that, when he approached VSNL when it was a state controlled operation, he was somewhat uncermoniously rebuffed.

Re: Teleglobe: Jean Monty's Legacy

by Anonymous on Wed 27 Jul 2005 12:47 AM EDT | Permanent Link

With that approach, we'd still have a homegrown overseas telecom player with a respectable status in the world. What makes you think that?

Re: Re: Teleglobe: Jean Monty's Legacy

by Anonymous on Wed 27 Jul 2005 11:15 AM EDT | Permanent Link

Fair enough, it's possible that BCE might have engaged in the same reckless growth strategy as Sirois, but given the conservative nature of BCE I think it would have been a more measured growth. Sure, Telegobe would have been hurt by the downturn but it's quite possible that with BCE's backing it could have weathered the downturn and, like TATA, would be the consolidator scooping up dirty-cheap international players. Look at Telesat? It's not a huge company under BCE, but it has consistently grown and produced profits under the BCE corporate umbrella.

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