Microsoft and Facebook have signed a deal to build a 6,600km underwater cable connecting the US with Europe in an effort to deal with the needs of high cloud computing and internet speeds. The construction of the cable, called ‘MAREA’, is scheduled to start in August and is estimated to be completed by October of 2017, according to announcement released by the two technology giants.

It will be the first underwater cable connecting the two continents and will be managed by international phone company Telefonica. The cable is designed to initially transfer 160 terabits of data per second. Both Microsoft and Facebook declined to disclose any details about the financial deal between the two.