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Dynegy Completes Sale of US Unit To 360networks
May 2003
HOUSTON, May 15 -- Dynegy Inc. announced it has closed the sale of its US communications business to an affiliate of Vancouver-based broadband network services provider 360networks Corp. Financial terms were not disclosed. The agreement to sell this business was announced on March 31.

360networks assumes Dynegy's high-capacity broadband network, which spans more than 16,000 route miles with 65 wholesale customers and access points in 44 US cities. It has also taken on Dynegy's existing customer base, its remaining fiber leases and its colocation facilities.

"Today's closing of the transaction with 360networks, coupled with the earlier sale of European communications, finalizes the exit from Dynegy's communications venture," said Bruce A. Williamson, president and CEO of Dynegy Inc. He siad the transaction allows the company to to focus on its core business operations. Dynegy owns operating divisions engaged in power generation, natural gas liquids and regulated energy delivery.

Greg Maffei, 360networks' chairman and CEO, said, "Dynegy's operations complement our US network footprint and enhance our ability to provide high-quality data communications services to carriers and enterprises throughout North America."

"We anticipate a seamless transition for existing Dynegy customers and will continue to offer the same high level of service," added Jimmy Byrd, 360networks' president and COO.

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