Cable & Wireless PLC of Britain announced Monday it has agreed to acquire the Japanese subsidiary of PSINet Inc. of the United States for 7.2 million British pounds to expand Net-related business here.

However PSI Net Inc. is undergoing bankruptcy proceedings in the U.S., and it is possible the subsidiary will be sold in a court-supervised auction, according to the British telecom carrier’s Japanese unit, Cable & Wireless IDC.

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