SEATTLE, Wa. and VANCOUVER, British Columbia, Jan. 19 -- 360networks Corp., a provider of wholesale and data telecommunications services in North America, announced it has completed the purchase of a majority of the assets of Touch America Inc.
360networks acquired Touch America's private line and Internet customers and the network assets that serve those customers. The network assets included approximately 10,300 route miles within a regional network that stretches throughout fifteen western states. 360networks said the acquired business will generate more than $50 million of annual revenues and will be immediately cash flow positive.
"Touch America's business enables us to be a leading provider of private line and IP services in the western US," stated Greg Maffei, chairman and CEO of 360networks. "We have acquired an advanced network with unique routes, access to rural markets and a loyal and growing customer base that are complementary to our existing business."
360networks has hired approximately 75 Touch America personnel and is maintaining an office in Butte, Mont. 360networks purchased these assets through a Section 363 sale in Touch America's bankruptcy proceedings. Touch America had filed for Chapter 11 protection in June of 2003. In 2003, 360networks bought Group Telecom and the North American network assets of Dynegy Inc.
For more information, visit: www.360.net