Metromedia Fiber to Buy AboveNet
Jun 25, 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,...