📅 - Telecommunications carrier IDT Corporation (idt.net) announced on Friday that its IDT Telecom subsidiary has acquired certain indefeasible rights of use (IRUs) and equipment from the estate of Star Telecommunications Inc.
IDT says it completed the acquisition after the US Bankruptcy Court in Wilmington, Delaware selected the company as the winning bidder and authorized the purchase. The assets, purchased by Star in 1998 for approximately $68 million, represent long-term capacity on US nationwide fiber networks operated by Qwest and Broadwing. According to IDT, the company acquired the fiber network assets at a good price, and just in time to meet its growing bandwidth demands. Under the terms of the deal, IDT paid cash for the right to use the capacity for the remainder of the term, which is more than 16 years in most cases. The company says it expects to recoup the costs in under a year through costs avoided by moving traffic onto its own network rather than leasing capacity from other carriers.
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