Jun, 2001 : TELUS To Pay $77 Million For PSINET's Canadian Operations
📅 - Troubled American ISP PSINet announces today that it would sell its Canadian operations to Calgary-based TELUS for $77 million (US).
The Canadian telecom had entered in to an agreement with PSINet to purchase all of the company's Canada-based assets and businesses earlier this month. However, details of the deal, including sale price, were not released at the time.
The agreement is subject to approval by both the U.S. Bankruptcy Court and the Ontario Superior Court Both courts must also approve certain bidding/auction procedures to ensure PSINet receives the highest value for its assets.
"I'm delighted that TELUS recognizes the value of PSINet's Canadian operations," said Robert Offley, President of PSINet Canada. "We will continue to serve our customers throughout the auction process with the high level of service they have come to expect from us and will also continue to support our valuable employees."
In Canada, PSINet provides a full suite of Internet services, including Internet access, Web hosting, security and e-commerce application services. The acquisition will see TELUS gain control of PSINet's 50 points-of-presence across the country, which serve most major Canadian markets, including Toronto, Ottawa, Montreal, Calgary and Vancouver.
The Canadian telecom had entered in to an agreement with PSINet to purchase all of the company's Canada-based assets and businesses earlier this month. However, details of the deal, including sale price, were not released at the time.
The agreement is subject to approval by both the U.S. Bankruptcy Court and the Ontario Superior Court Both courts must also approve certain bidding/auction procedures to ensure PSINet receives the highest value for its assets.
"I'm delighted that TELUS recognizes the value of PSINet's Canadian operations," said Robert Offley, President of PSINet Canada. "We will continue to serve our customers throughout the auction process with the high level of service they have come to expect from us and will also continue to support our valuable employees."
In Canada, PSINet provides a full suite of Internet services, including Internet access, Web hosting, security and e-commerce application services. The acquisition will see TELUS gain control of PSINet's 50 points-of-presence across the country, which serve most major Canadian markets, including Toronto, Ottawa, Montreal, Calgary and Vancouver.
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URL source: http://www.thewhir.com/marketwatch/telus620.cfm
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