📅 - XO Communications, Inc. announced that it hascompleted the sale of its European Internet Service Provider business.
Terms of the transaction were not disclosed, but were consistent with theassumptions used in determining the restructuring charges relating to thedecision by XO to exit its European operations, the company said. XO took a$320.1 million charge in the fourth quarter to reflect this cost. Buyout firms Forstmann Little & Co. and Telefonos de Mexico SA de CV agreedto invest $800 million to take over the Reston, Virginia-based telephone andInternet service provider, which serves in 63 U.S. markets. The restructuring charges were described in XO's quarterly results pressrelease and accompanying attachments for the fourth quarter of 2001 issuedon Feb. 14, 2002.
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