UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the Month of November, 1998
TELEGLOBE INC.
(Translation of registrant's name into English)
1000, rue de La Gauchetiere ouest, Montreal, Quebec H3B 4X5 Canada
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F Form 40-F X
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes _____ No X
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______.)
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EXPLANATORY NOTE
On November 10, 1998, Teleglobe Inc., a corporation governed by the
Canada Business Corporations Act ("Teleglobe"), issued the attached
press release announcing the closing of the merger of a subsidiary
of Teleglobe with Excel Communications, Inc., a Delaware
corporation ("Excel"), in accordance with the terms of the
Agreement and Plan of Merger entered into on June 14, 1998 among
Teleglobe, North Merger Sub Corporation, a Delaware corporation and
wholly-owned subsidiary of Teleglobe, and Excel, as a result of
which Excel has become a wholly owned-subsidiary of Teleglobe.
Exhibit Description
1 Press Release dated November 10, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
TELEGLOBE INC.
By:__/s/ Andre Bourbonnais______________________
Name: Andre Bourbonnais
Title: Vice-President, Legal Affairs and
Corporate Secretary
Date: November 10, 1998
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Exhibit 1
TELEGLOBE
PRESS RELEASE FOR IMMEDIATE RELEASE
TELEGLOBE COMPLETES EXCEL MERGER,
FORMING A TELECOM LEADER WITH EXPANDED GLOBAL REACH
Will Enter Canadian Retail Market in
First Quarter 99 via Excel Canada
Appoints Key Members of Senior Management and Board of Directors
Montreal and Dallas -- November 10, 1998 -- Teleglobe Inc. (NYSE, TSE, ME:
TGO) completed its merger with Excel Communications, Inc. (NYSE: ECI) today,
creating a major integrated international long distance communications
company with global reach.
The combined company will keep the Teleglobe name and ticker symbol and be
headquartered in Montreal with its global telecommunication operations
directed from Washington and its Excel retail operations directed from
Dallas. The new Teleglobe will feature a far reaching international network
and knowledge of global operations, recognized product development, a proven
retail marketing ability, as well as low-cost distribution channels and high-
quality customer care. Following the merger, Teleglobe becomes the world's
second-largest long distance telecommunications operator in geographic reach,
and becomes the fourth-largest long distance company in the United States
based on revenue and capacity. Teleglobe's Internet backbone ranks second
worldwide in terms of bandwidth, customers and countries served.
In its first major move as a combined organization, Teleglobe announced that
it plans to enter the highly-competitive Canadian retail telecommunications
market through the formation of Excel Telecommunications (Canada) Inc.
Through a Canadian network of independent marketing representatives, Excel
Canada expects to offer long distance services directly to consumers in the
first quarter of 1999, and to add retail Internet products and small business
long distance services for Canadian customers by the middle of next year.
With the formation of Excel Danaca, Teleglobe will expand its product
offerings and services within Canada significantly.
"When we announced the merger earlier this year, we promised that the
benefits of the combination would quickly become clear to customers and
shareholders," said Charles Sirois, chairman and chief executive offer of
Teleglobe Inc. "Today's announcement of retail operations through Excel
Canada's distribution channels is only the first example of how Teleglobe's
global network will fuel the introduction of relationship marketing to new
territories."
Sirois continued, "We are convinced that our broader strategy -- to capture a
small share of many national markets as they open up to competition -- will
be a key to Teleglobe's success. We will achieve this by utilizing our
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technology, expertise and marketing to satisfy our current customers and
attract new ones."
"Teleglobe is well positioned to capitalize on the growth of the telecom
services industry worldwide by expanding our network of independent
representatives," said Kenny A. Troutt, Excel's chairman and chief executive
officer. "We will have a significant competitive presence in markets -- such
as Canada -- that are deregulating telecom services. At the same time, we
look forward t offering our U.S. customers new products that take advantage
of the product expertise and the global reach of the combined company.
Management Structure
Teleglobe Inc. also announced senior management and Board of Directors
appointments. Charles Sirois remains chairman and chief executive officer of
Teleglobe Inc. Reporting to him will be:
. Kenny Troutt, Teleglobe's vice chairman, president and chief operating
officer, and chief executive officer of Excel Communications, the
Dallas-based unit of the Company focusing on retail operations
. Paolo Guidi, who will serve as chairman and chief executive officer of
Teleglobe Communications Corporation, the Company's Washington, D.C.-
based unit that caters to carriers, Internet service providers and large
businesses worldwide
. Nicholas A. Merrick, who becomes president and chief executive officer
of UP2 Technologies, a Teleglobe subsidiary. He will also continue in a
senor management role at Excel Communications
. Claude Ceguin, who continues to serve as executive vice president,
Finance and chief financial officer of Teleglobe Inc. and chief
executive officer of Teleglobe World Mobility
. Guthrie J. Stewart, who continues as executive vice president, Global
Development and chief executive officer of Teleglobe Media Enterprises.
Teleglobe's new Board of Directors will be comprised of 15 members. Charles
Sirois will serve as chairman of the board and Kenny Troutt as vice chairman.
The following directors were selected by Teleglobe:
. Derek H. Burney, Chairman of the Board and CEO, Bell Canada
International Inc.
. Bruno Ducharme, President and CEO, Telesystem International Wireless
Inc.
. Jean C. Monty, President and COO, BCE Inc. and Chairman and CEO, Bell
Canada
. Carmand Normand, President, Addenda Capital Inc.
. H. Arnold Steinberg, Associate, Cleman Ludmer Steinberg Inc.
. Lynton R. Wilson, Chairman and CEO, BCE Inc.
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The following directors were selected by Excel Communications Inc.:
. A. Michael Hainsfurther, Shareholder and Corporate Attorney, Munsch
Hardt Kopf Harr & Dinan, P.C.
. T. Allan McArtor, President and CEO, Legend Airlines
. Greg Oliver CPA, Partner, Blakeney, Blackburn & Oliver, L.L.P.
. Stephen R. Smith, executive vice president, Marketing, Emeritus - Excel
Communications, Inc.
. John M. Srno, former president and chief executive officer, Cable &
Wireless North America and former president and chief executive officer,
ALL Communications Corporation.
Mr. C. Edward Medland, President, Beauwood Investments Inc. was selected
jointly by Teleglobe and Excel, and the remaining vacancy will be filled at a
later date by Excel.
The New Teleglobe
Teleglobe Inc.'s current equity market value is approximately US$7.3 billion
(C$11.2 billion). The Company services residential and business customers,
as well as some 380 carriers. Teleglobe holds licenses to own, operate
and/or resell facilities-based telecom networks in 19 countries, including
all G-7 nations, and has an extensive Internet backbone of 109 Internet
service providers in 80 countries. The Company has 4,800 employees working
in more than 30 offices worldwide. Teleglobe Inc. is headquartered in
Montreal with significant operations in Dallas, Texas and Washington, D.C.
Teleglobe Inc. is a leader in the intercontinental telecommunications
industry, owning and operating the world's second most extensive
intercontinental telecommunications network reaching some 240 countries or
territories. Its global operations and product development expertise meet
the needs of established and emerging carriers, Internet service providers,
broadcasters and multinationals in close to 30 countries. Its proven retail
marketing and distribution channels cater to an expanding global customer
base. Teleglobe also has a 35% interest in ORBCOMM, the world's first
commercial low-earth-orbit, satellite-based, data communications system.
The statements in this press release relating to matters that are not
historical fact are forward looking statements that are based on management's
beliefs and assumptions. Such statements are not guarantees of future
performance, and are subject to a number of uncertainties, including but not
limited to future global economic conditions, the regulatory environment, the
actions of competitors and other factors beyond the control of Teleglobe,
which could cause actual results to differ materially from such statements.
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CONTACT:
TELEGLOBE INC. EXCEL COMMUNICATIONS INC.
Media: Sylvia Morin Media Kenneth Kracmer
514-868-7762 214-863-8400
Investors: Jacques Deforges
514-868-7716 or
Nicole Blanchard
514-868-8148
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