Some observers aren't convinced that this latest move--acquiring Infonet--is the one that will take.

FORBES: Once More Into The Breach For BT

So far, Infonet has been unable to capitalize on its global position and strong customer list.

FORBES: Once More Into The Breach For BT

"I would have thought that a Bell would have made a move for Infonet, " Grover says.

FORBES: Once More Into The Breach For BT

Needham's Grover says that Infonet has historically underperformed for its owners and was never able to make back the costs of building a global network amid plummeting bandwidth prices.

FORBES: Once More Into The Breach For BT

The major local phone companies have been sniffing around much more expensive and financially troubled global vendors such as MCI, and could have benefited from an Infonet acquisition as well.

FORBES: Once More Into The Breach For BT

The other telecom operators that currently own Infonet, including Swisscom (nyse: SCM - news - people ), the Netherlands' KPN (nyse: KPN - news - people ) and Australia's Telstra (nyse: TLS - news - people ), apparently "see little strategic benefit in retaining their stakes in this business at the current market price, " the analysts note.

FORBES: Once More Into The Breach For BT