Close

Search

Search Menu
Photonics Media Photonics Buyers' Guide Photonics EDU Photonics Spectra BioPhotonics EuroPhotonics Industrial Photonics Photonics Showcase Photonics ProdSpec Photonics Handbook
More News
SPECIAL ANNOUNCEMENT
2016 Photonics Buyers' Guide Clearance! – Use Coupon Code FC16 to save 60%!
share
Email Facebook Twitter Google+ LinkedIn Comments

Metromedia Fiber to Buy AboveNet

Photonics.com
Jun 1999
NEW YORK, NY, June 25 -- Metromedia Fiber Network Inc. has agreed to acquire AboveNet Communications Inc., a supplier of managed Internet services, in a stock swap worth about $1.55 billion. Under the terms of the acquisition, which is expected to be completed in the third quarter of 1999, Metromedia will issue 1.175 shares for each of AboveNet's 31.1 million outstanding common shares.
Metromedia is a high-bandwidth fiber optic infrastructure provider. Following the completion of this deal, AboveNet will have access to Metromedia Fiber's planned network of over 1.1 million fiber miles in North America and Europe. By combining Metromedia Fiber Network's virtually unlimited, pure photonic fiber network with AboveNet's high performance connectivity solutions, Internet traffic is able to flow more predictably, far more reliably and at far lower costs, Metromedia Fiber said in a statement. The acquisition is subject to approval by shareholders of both companies and to customary closing conditions.


Comments
Terms & Conditions Privacy Policy About Us Contact Us
back to top

Facebook Twitter Instagram LinkedIn YouTube RSS
©2016 Photonics Media
x We deliver – right to your inbox. Subscribe FREE to our newsletters.