Dec 17, 2003 : US LEC Completes Acquisition of FASTNET

📅 December 17, 2003 - US LEC Corporation (uslec.com), a telecommunications carrier based in Charlotte, North Carolina, said today that it has completed its acquisition of substantially all of the assets of FASTNET Corporation (fast.net -> hostinger.com), an Internet and Web hosting service provider based in Bethlehem, Pennsylvania.

FASTNET was purchased for approximately $8.5 million. The purchase price includes $6 million in cash, $1 million of US LEC common stock, a $1.5 million note, along with the assumption of certain liabilities.
"Completing the FASTNET transaction is another step in our efforts to accelerate the growth of our data business and the steady growth of US LEC," said Aaron Cowell, president and CEO for US LEC. "Our network integration will make this transaction immediately EBITDA and cash flow accretive to our company and will boost our T1-level, business class customer base to approximately 17,000."
Cowell added that US LEC would continue to provide former FASTNET customers with service and make its full suite of services available ot them in the coming months.
The deal includes the acquisition of two data center facilities in Eastern Pennsylvania.
The acquisition was first made public on December 5.