Aug, 2001 : Telus Purchase of Psinet to Proceed to Court Approval
📅 - Telus (telus.com), a leading Canadian telecom provider, yesterday announced that its bid to purchase PSINet's (psi.ca) Canadian facilities and operations has been accepted as the winning bid.
Telus announced on June 20 that it had signed an agreement with certainsubsidiaries of Virginia-based PSINet Inc. to purchase PSINet's Canadianoperations and facilities for approximately US$77 (C$120) million, subjectto a number of conditions. As part of its bankruptcy proceedings in Canadaand the U.S., PSINet was permitted to consider other qualified bids.
PSINet will now seek court approval to complete the purchase by the end ofSeptember. The purchase price is subject to final adjustments and will besatisfied by a cash payment and assumption of certain liabilities.Regulatory approvals and employee retention conditions to closing have beensatisfied.
"This is a significant step toward completing Telus' purchase of PSINetCanada," said Jim Peters, executive vice-president, Telus corporatedevelopment. "We are delighted with the positive response from PSINetCanada's talented employees to the proposed acquisition, and we look forwardto welcoming them to the Telus team."
Through this acquisition, Telus expects to gain approximately 250 employees,a state-of-the-art Internet data centre in Toronto and approximately 8,600corporate accounts across the country. Last year PSINet Canada generatedmost of its C$75 million in revenue in Ontario.
Telus announced on June 20 that it had signed an agreement with certainsubsidiaries of Virginia-based PSINet Inc. to purchase PSINet's Canadianoperations and facilities for approximately US$77 (C$120) million, subjectto a number of conditions. As part of its bankruptcy proceedings in Canadaand the U.S., PSINet was permitted to consider other qualified bids.
PSINet will now seek court approval to complete the purchase by the end ofSeptember. The purchase price is subject to final adjustments and will besatisfied by a cash payment and assumption of certain liabilities.Regulatory approvals and employee retention conditions to closing have beensatisfied.
"This is a significant step toward completing Telus' purchase of PSINetCanada," said Jim Peters, executive vice-president, Telus corporatedevelopment. "We are delighted with the positive response from PSINetCanada's talented employees to the proposed acquisition, and we look forwardto welcoming them to the Telus team."
Through this acquisition, Telus expects to gain approximately 250 employees,a state-of-the-art Internet data centre in Toronto and approximately 8,600corporate accounts across the country. Last year PSINet Canada generatedmost of its C$75 million in revenue in Ontario.
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