The wheel has spun 360 degrees. Literally.

Just days after Shaw Communications took a us$100 million (Cdn$147 million) equity stake in 360networks, and only three months since the cableco sold its Fiberlink division to GT Group Telecom for $750 million in cash and stock, gt has re-emerged with a deal to buy $352 million worth of fiber optics and high-speed, network bandwidth assets from 360networks. It will also make an equity investment in the Vancouver-based telecommunications firm, formerly Worldwide Fiber, of approximately $50 million.

The newest deal in this web of consolidation/convergence also arrives a day after 360 announced plans to finance its global operations through an initial public offering, which is expected to raise more than $800 million for the company. Another $1 billion is expected to be raised through an offering of high-yield notes.

360networks, helmed by former Microsoft cfo Greg Moffei, is in the process of turning its North American fiber optics network, capable of carrying anything from phone calls to Internet data over beams of light moving through glass strands, into a global telecom network.

Under the GT/360 agreement, 360 will provide gt with 12 strands of fiber optics, over a period of time, that span more than 7,000 km between Seattle and Halifax. The deal will also give gt 12 more fibers stretching across roughly 7,900 km in the u.s., with an option to buy additional segments connecting the u.s. to Canada.

Finally, 360 will give gt up to four OC-48 channels on a long-term basis between Vancouver and Toronto, capable of collecting transmitting data at up to 10 gigabits per second.

On March 20, Shaw, in addition to buying us$100 million (Cdn$147 million) in 360 stock, purchased Cdn$250 million of the company’s high-speed bandwidth network services, so to expand its @Home cable-access service.

Like gt, of which Shaw owns 28%, Shaw will receive up to four OC-48 channels between Vancouver and Toronto from 360, which will also provide the cableco with 12,000 km of fiber on two routes between Vancouver and Halifax.

The web of fiber-optic investments and divestments continues to be weaved as gt spends another $118-million to buy Moffat Communications’ Fiberlink business.

‘The transaction is expected to add approximately $100 million of telecommunications property, plant and equipment to our balance sheet and represents a significant growth opportunity for our shareholders,’ says gt ceo Dan Milliard.

Having bought Shaw Communications’ Fiberlink division in December, gt is using this new deal to solidify its hold as a local exchange carrier on the Winnipeg and Edmonton fiber-optic communications market. As part of the deal, gt pays Winnipeg-based Moffat $68 million cash and 1,667,000 in gt shares, worth $50 million.

Until these latest acquisitions, Shaw and Moffat shared the Edmonton and Winnipeg markets.

‘All gt is doing now is completing the puzzle in those two cities,’ says Michael D’Avella, Shaw senior vp, planning.

In early February Shaw raised its interest in Moffat by acquiring 129,400 of its common shares, bringing its holding up to 10.2% in Moffat’s total outstanding shares. Shaw’s interest, however, is in Moffat’s cable company which shares the Winnipeg and Edmonton market with Shaw.

‘If you believe the world is going ip and you believe the Internet is going to be the dominant force, which we do, and I think Bell does too, being able to provide end-to-end service on networks that you own and control will ultimately be the competitive advantage. That’s sort of the key to whole exercise,’ says D’Avella.