http://www.theregister.co.uk/2011/04...ossing_buyout/
Probably not of much interest to thse not involved in the industry, but these are two major international carriers and it's big news.
You can be sure that a fair % of you internet browsing travels over their cables at some point.
e.g. Virgin Media use both of these companies trans-Atlantic submarine cables for their traffic.
More consolidation post dot.com boom.