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FiberNet Acquires Gateway Colocation
Feb 2004
NEW YORK, Feb. 3 -- FiberNet Telecom Group Inc. announced it has completed the acquisition of, also known as Gateway Colocation, which operates a 49,000-square-foot communications hub and colocation facility at 165 Halsey St. in Newark, N.J.

Michael S. Liss, president and CEO of FiberNet, said the facility will be integrated into FiberNet's metropolitan network infrastructure and that FiberNet will market its colocation, interconnection and transport services to Gateway's existing customers and to FiberNet's customer base of domestic and international carriers.

"We believe the geographic diversity of Newark will appeal to carriers looking to create network redundancy and back-up capabilities outside of Manhattan," Liss said.

He added that the acquisition is the first step in FiberNet's efforts to consolidate the metro sector of the telecommunications industry. "It is a solid addition to our portfolio of facilities, and we are actively pursuing other opportunities to increase our presence and expand our reach in the metro space," he said.

The transaction was structured as an acquisition of assets, and the purchase price paid at closing consisted of 2.9 million shares of FiberNet's common stock and approximately $170,000 in cash. The purchase agreement also includes an "earn-out" payment based upon future revenues earned at the facility during a particular period subsequent to closing. The "earn-out" payment, if payable, will be paid in shares of common stock.

Oskar Brecher, a founder of Gateway Colocation, has been appointed to FiberNet's board.

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