Close

Search

Search Menu
Photonics Media Photonics Buyers' Guide Photonics Spectra BioPhotonics EuroPhotonics Vision Spectra Photonics Showcase Photonics ProdSpec Photonics Handbook
More News

Metromedia Fiber to Buy AboveNet

Facebook Twitter LinkedIn Email Comments
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.

Photonics.com
Jun 1999
Communicationsfiber opticsNews & Features

Comments
back to top
Facebook Twitter Instagram LinkedIn YouTube RSS
©2019 Photonics Media, 100 West St., Pittsfield, MA, 01201 USA, info@photonics.com

Photonics Media, Laurin Publishing
x We deliver – right to your inbox. Subscribe FREE to our newsletters.
We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.