XO Communications Closes $250 Million Investment From Forstmann Little
📅 - XO Communications, Inc. (xo.com 👉 Total Reviews: 5
🙌 Average Rating: 1 / 10
👍 Good Reviews: 0
👎 Bad Reviews: 5
👈 Official Responses: 0), one of the nation's fastest growing providers of broadband communications services, announced the closing of the previously disclosed $250 million investment by Forstmann Little & Co. in XO.
In conjunction with the investment, XO issued 50 million shares of its class A common stock and amended the terms of the preferred stock held by Forstmann Little to reduce the conversion price from $31.625 to $17.00 per share. As a result of the transaction, Forstmann Little now owns approximately 22 percent of XO's fully diluted outstanding shares.
Since 1978, Forstmann Little has made 28 acquisitions and significant equity investments, returning billions of dollars to its investors. The firm's best-known investments include Gulfstream Aerospace, General Instrument and Ziff-Davis Publishing.
Current Forstmann Little investments, in addition to its investment in XO, include Community Health Systems, a leading rural hospital company; McLeodUSA, one of the fastest-growing integrated communications providers; Yankee Candle Company, the leading designer, manufacturer, wholesaler and retailer of premium scented candles; and Capella Education Company, the for-profit parent company of Capella University, a leading accredited, Internet-based university.
🙌 Average Rating: 1 / 10
👍 Good Reviews: 0
👎 Bad Reviews: 5
👈 Official Responses: 0), one of the nation's fastest growing providers of broadband communications services, announced the closing of the previously disclosed $250 million investment by Forstmann Little & Co. in XO.
In conjunction with the investment, XO issued 50 million shares of its class A common stock and amended the terms of the preferred stock held by Forstmann Little to reduce the conversion price from $31.625 to $17.00 per share. As a result of the transaction, Forstmann Little now owns approximately 22 percent of XO's fully diluted outstanding shares.
Since 1978, Forstmann Little has made 28 acquisitions and significant equity investments, returning billions of dollars to its investors. The firm's best-known investments include Gulfstream Aerospace, General Instrument and Ziff-Davis Publishing.
Current Forstmann Little investments, in addition to its investment in XO, include Community Health Systems, a leading rural hospital company; McLeodUSA, one of the fastest-growing integrated communications providers; Yankee Candle Company, the leading designer, manufacturer, wholesaler and retailer of premium scented candles; and Capella Education Company, the for-profit parent company of Capella University, a leading accredited, Internet-based university.
URL source: http://www.thewhir.com/marketwatch/xo607.cfm
Company: XO Communications
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