NEC, Sumitomo Elec to buy cable firm from Longreach

Newswire

TOKYO, July 1 (Reuters) - Japan's NEC Corp and Sumitomo Electric Industries said on Tuesday they would buy a Japanese undersea cable maker from an investment fund managed by the Longreach Group to secure a stable supply of optical cables. NEC, which is betting on growing demand for fibre-optic connections, plans to take about 75 percent of OCC Corp's holding company, with Sumitomo Electric taking the remaining 25 percent. Both firms declined to comment on the price of the deal, to be ...

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