Dec, 2001 : C&W Purchases PSINet Japan for $10,200,000

📅 December 10, 2001 - PSINet Inc. (psi.net) today announcedthat it has entered into a definitive share purchaseagreement for the sale of PSINet Japan Inc. andcertain subsidiaries to Cable & Wireless IDC Inc.(cw.com/jp), a wholly owned subsidiary of Cable andWireless plc, for cash in the amount of US $10.2million (approximately 1.3 billion yen). Because thetransaction was structured as a stock purchase, Cableand Wireless also agreed to assume all liabilities andobligations of PSINet Japan.

The share purchase agreement provides that theproposed transaction will be subject to the approvalof the U.S. Bankruptcy Court. In addition the sharepurchase agreement provides for a court supervisedauction process at which other qualified bidders willbe entitled to bid for PSINet Japan.
PSINet expects that its operations in Japan willcontinue to operate in the normal course of business,providing reliable services to its customers. PSINet'soperating subsidiaries in Japan are not part of thefiling by PSINet Inc. and certain of its U.S.subsidiaries under Chapter 11 of the U.S. BankruptcyCode.
Commenting on the announcement, Simon Cunningham,president and CEO Cable & Wireless IDC, said, "Thisacquisition highlights our commitment to the Japanesemarket and clearly fits our strategy to grow our IPbusiness within Japan. We will realize cost synergiesupon the acquisition through the sharing of a muchlarger infrastructure whilst our continued commitmentto quality will bring benefit to a much broadercustomer base."

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