WorldPort to Spend $40 Million Equity Boost on Fiber Network

The Heico Companies LLC has committed $40 million in equity financing to long distance and Internet services provider WorldPort Communications Inc. WorldPort will use the proceeds for undersea and terrestrial fiber optic cables and switching facilities.

Plans include a pan-European project that will connect US and European cities via WorldPort's regional gateway in the Netherlands and transatlantic fiber capacity. WorldPort expects the transaction to close this month.