Intermedia gets $700M investment

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New York--Several companies have agreed to jointly invest $700 million in Intermedia Communications, a Tampa, Fla.-based provider of business-to-business Internet and telecommunications services. Major investment company Kohlberg Kravis Roberts & Co. will invest $200 million; Microsoft Corp. and Compaq Computer Corp. will together invest $100 million; and Bank of America, The Bank of New York and TD Bank Financial Group will jointly invest $400 million. Intermedia plans to use the money to expand its data networks.
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