Feb 20, 2004 : XO Acquisition of Allegiance Approved

📅 February 20, 2004 - Telecommunications carrier XO Communications (xo.com ) announced on Thursday that the US bankruptcy court for the southern district of New York has approved its proposed purchase of substantially all of the assets of Allegiance Telecom. Dallas-based Allegiance Telecom filed for bankruptcy in May 2003.

XO will acquire Allegiance for $311 million in cash and 45.38 million shares of XO common stock.
The carrier said the transaction remains subject to regulatory approvals and termination of applicable waiting periods.
Just last week, XO was selected as the winning bidder for Allegiance Telecom. XO said it expects the deal will make it the largest independent provider of national local telecommunications and broadband services in the United States, with 330,000 customers and $1.6 billion in revenue.

Reads: 1772 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/xo022004.cfm

Company: XO Communications

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