GLOBAL ECONOMY

Microsoft, Facebook to run high-speed undersea cable connecting U.S. and Europe

FILE - This Tuesday, April 12, 2016, file photo, shows the Microsoft logo in Issy- les-Moulineaux, outside Paris. Microsoft is joining other tech giants attempting to deliver the Internet to remote parts of the world. But unlike expensive and ambitious plans by Google and Facebook to use satellites, drones and balloons to do so, the software company is making grants to businesses that provide online access, software or related services. (AP Photo/Michel Euler, File)

FILE - This Tuesday, April 12, 2016, file photo, shows the Microsoft logo in Issy- les-Moulineaux, outside Paris. Microsoft is joining other tech giants attempting to deliver the Internet to remote parts of the world. But unlike expensive and ambitious plans by Google and Facebook to use satellites, drones and balloons to do so, the software company is making grants to businesses that provide online access, software or related services. (AP Photo/Michel Euler, File)  (Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistribu)

Microsoft and Facebook are building a new underwater Internet cable that will cross the Atlantic Ocean, carrying customers' data between North America and Southern Europe.

The giant tech companies say they helped design the high-speed cable to carry data for their growing numbers of online consumers and commercial customers. The project will be operated by an affiliate of Spanish telecommunications firm Telefonica, which will sell unused capacity on the cable to other customers. It will connect data hubs in Northern Virginia and Bilbao, Spain.

Internet companies often pay to use cables owned by telecommunications providers, but the new project won't be the first to be owned by a U.S. tech company. Google has invested in subsea projects across the Pacific.

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