Mar 9, 2004 : Savvis Closes Acquisition of C&W USA

📅 March 9, 2004 - Managed services provider Savvis (savvis.net -> lumen.com) announced on Monday that it has secured all regulatory approvals and closed its acquisition of the assets of Cable & Wireless USA and Cable and Wireless Internet Services, the US Web hosting assets of the UK-based telecommunications carrier. With the final closing of the acquisition, Savvis takes over CWA's Tier-1 IP network and leases for 15 data center facilities in addition to its staff, consulting services and customer base of 3,000.

Savvis said the consolidation of the acquired assets along with anticipated work force reductions will help generate significant infrastructure and operational synergies.
"We are moving swiftly to integrate the highly complementary Savvis and CWA assets, and apply our business model to the combined enterprise," says Rob McCormick, chairman and chief executive officer of Savvis. "We have added thousands of enterprise customers, high performance infrastructure, and outstanding consulting expertise. We are focused on continuing to provide the highest levels of service and a seamless transition for the CWA customer base. Going forward, we are excited to introduce this large base of enterprise customers to the benefits of virtualization as an option for high performance services and the potential for additional cost savings for their hosting, network and application services."
As announced in February, Savvis has raised $200 million in debt financing and an additional $52 million from a sale lease-back of properties to finance the transaction. Savvis said the newly combined entity is projected to have annual revenues of approximately $700 million by the end of 2004.
Monday's news effectively closes the C&W saga, nearly nine months after the UK-based carrier first put its loss-making US division up for sale. The final bid, made in February for $155 million, trumped a $125 million bid made by Gores Technology Group in early December.

Reads: 1706 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/sav030904.cfm

Company: Savvis [savvis.net -> lumen.com]

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