Dec, 2002 : DSL.net Acquisition Bid Approved by Court

📅 December 31, 2002 - Broadband communications service provider DSL.net (dsl.net) announced on Monday that it has received court approval for its bid to acquire the network assets and associated subscriber lines of Network Access Solutions Corporation (NAS).

The approval, says DSL.net, came following a hearing before the US Bankruptcy Court for the District of Delaware. NAS filed a voluntary petition for Chapter 11 reorganization in June of 2002.
According to DSL.net's approved bid, the purchase price for the company will be $14 million, including $9 million in cash and a $5 million note. The deal is expected to close at about the middle of January 2003, if conditions are satisfied.
"We are pleased that our effort to acquire NAS network assets and related customer lines has cleared this important legal hurdle and set the stage for a closing of this transaction," said David F. Struwas, chairman and chief executive officer of DSL.net. "We firmly believe this acquisition will benefit the customers of both companies and position DSL.net as a much stronger broadband provider both in terms of our network footprint and our customer base."

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