Verizon Under Water

Forbes:

Verizon Business, a unit of telecommunications company Verizon Communications Inc., said Monday it signed a construction and maintenance agreement to work with China Telecom and China Netcom to build an undersea optical cable system linking mainland U.S. and China.

The total cost of the system will be more than $500 million, to be split evenly between consortium members. The system is expected to be complete in 2008.