C Completes Acquisition of PSINet Japan

The increase in the purchase price originally announced on Dec.10, 2001results from Cable Wireless bidding against another party at the courtsupervised auction which forms part of the sale process under Chapter 11 ofthe US Bankruptcy Code.PSINet Japan provides IP connectivity and Web hosting services forenterprise customers in Japan. The company has points of presence within keyJapanese cities, a data centre in Tokyo and provides services to severalthousands of business customers.The acquisition is intended to reinforce Cable Wireless position inJapan growing Internet market and accelerate the delivery of Cable strategy to provide IP and data services to business customers inJapan.PSINet Japan unaudited revenue in the first half year 2001 was 28 millionpounds, generating positive EBITDA (under US GAAP) of 3.4 million in thesame period, and the acquisition is expected to more than double Cable IP revenue within Japan.Subscribe to WHIR Newsletters Get Our Exclusive Report on "The Hosting Infrastructure Ecosystem".December 10, 2001 (WEB HOST INDUSTRY REVIEW) PSINet Inc. Because thetransaction was structured as a stock purchase, Cableand Wireless also agreed to assume all liabilities andobligations of PSINet Japan. Read More

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