Cogent Communications Acquires And Maintains PSINet Operations

📅 April 3, 2002 - Cogent Communications Group, Inc., a Tier One optical Internet Service Provider, announced today that it has completed the acquisition of the majority of the U.S. operations of PSINet, Inc., a commercial Internet service company. Approving Cogent's acquisition, the U.S. Bankruptcy Court for the Southern District of New York cleared the way for Cogent to finalize documentation related to the closing on March 27, 2002. Acquiring PSINet's assets for $10 million, Cogent will take hold of PSINet's customer base, backbone network and associated equipment and rights to intellectual property.

Under the PSINet label, Cogent plans to develop the PSINet brand name, by continuing to offer PSINet services, including Internet connectivity.
?With the consolidation going on in the Internet service provider space, Cogent has been able to identify some excellent opportunities to accelerate its business plan,? said Dave Schaeffer, Chief Executive Officer and Founder of Cogent Communications (cogentco.com ).
?PSINet will enable Cogent to immediately incorporate a revenue stream from a set of products that complement Cogent's core offering of 100 Mbps Internet connectivity for $1,000 per month.?

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