Sep, 2001 : Telus Gains Approval of PSINet Purchase But Stock Drops

📅 September 27, 2001 - PSINet Inc. (psi.net) has announced that both the U.S.Bankruptcy Court and the Ontario Superior Court have approved the proposedpurchase by affiliates of Telus Corporation (telus.com) of the company'sCanadian Operations for approximately US$77 million (CDN$118 million),subject to final adjustments.

Telus, Canada's second-largest phone company, and PSINet announced last Junethe execution of a definitive agreement related to the purchase, which,among other things, was subject to approval by both Courts and to a biddingprocess. The PSINet Canadian operations that are being sold recordedapproximately US$50 million (CDN$75 million) in revenue for 2000. PSINet hasa state-of-the-art Internet data center in Toronto and approximately 8,600corporate accounts across the country. The majority of PSINet's Canadianrevenues are generated in Ontario.
However, the day of the trade, investors seemed worried about the future ofthis expansion, pushing the stock to a 52-week low.

Reads: 1508 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/telus927.cfm
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