Bermuda-based IP bandwidth provider Global Crossing Ltd. won a 12-year, $700 million contract to develop and manage global wide area data and voice network infrastructure for IT services company Computer Sciences Corp..

And not to be outdone, Computer Sciences, in turn said that Global Crossing would pay it $400 million to manage its information technology infrastructure -- including all its mainframe, midrange and desktop computers, plus its help-desk and disaster recovery operations. That deal is for 10 years.

Global Crossing stock took a 20 percent bounce in early trading, rising 17 cents to 99 cents after closing at 82 cents a share on Wednesday. CSC was up 86 cents to $44.71 in the early going.

CSC said it expects that the agreement will involve the transfer of approximately 300 IT professionals from Global Crossing to CSC throughout Global Crossing's entire business environment.

Global Crossing also becomes the preferred provider of network and IP services to customers of El Segundo, Calif.-based CSC.

The companies said they also are planning to co-market integrated, end-to-end solutions to multinational enterprises, and that the deals expand on existing business relationships.

The agreement with Global Crossing expands CSC's network reach, supporting its position as a global IT services and outsourcing solutions provider.

"Integrating CSC's world-class IT and business services with Global Crossing's network services creates a powerful value proposition for our customers," said Van B. Honeycutt, CSC's chairman and chief executive officer.

"As one of the leading consulting and IT services firms, CSC's standards are the highest in the world, and we value their confidence in our capabilities to deliver converged solutions," said John Legere, chief executive officer of Global Crossing and Asia Global Crossing.

Earlier this week, Global Crossing and its affiliate Asia Global Crossing Ltd. said late they have scrapped merger talks, citing weak market conditions.