Sep 12, 2002 : Cogent Acquires Key FiberCity Assets
📅 - Tier one optical Internet service provider Cogent Communications Group Inc. (CogentCo.com) announced on Thursday that it has acquired key assets from Internet and optical Ethernet service provider FiberCity Networks.
Included in the acquisition, says Cogent, is a majority of FiberCity's customer base, as well as its building access segments. As part of the agreement, FiberCity networks will cease operations.
The financial terms of the agreement were not disclosed.
"Cogent has surgically taken the best assets from FiberCity and will integrate them into Cogent's existing footprint and business plan," says Dave Schaeffer, CEO Cogent. "During this consolidation phase in our industry, Cogent will continue to examine the assets of competitors and companies like FiberCity, looking for acquisitions that accelerate our growth and can bring more Internet traffic onto our backbone."
FiberCity says it approached Cogent after considerable research and review and that, having almost completed the transaction, it is certain Cogent was the right recommendation for its customers and its organization.
Included in the acquisition, says Cogent, is a majority of FiberCity's customer base, as well as its building access segments. As part of the agreement, FiberCity networks will cease operations.
The financial terms of the agreement were not disclosed.
"Cogent has surgically taken the best assets from FiberCity and will integrate them into Cogent's existing footprint and business plan," says Dave Schaeffer, CEO Cogent. "During this consolidation phase in our industry, Cogent will continue to examine the assets of competitors and companies like FiberCity, looking for acquisitions that accelerate our growth and can bring more Internet traffic onto our backbone."
FiberCity says it approached Cogent after considerable research and review and that, having almost completed the transaction, it is certain Cogent was the right recommendation for its customers and its organization.
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