- Energis PLC (ENGSY: news, msgs), which supplies telecom services
to business customers, surged 95 pence, or 4.3 percent, to 2295. Trading
volume was 21,574,204. Thursday, Energis said it would pay $572.2 million
for the Dutch fixed line operator, EnerTel. Goldman Sachs said in a
research note Friday that the move was a positive step for Energis and it
will be reviewing its share price target and rating for Energis.
ATLANTA, Nov 11, 1999 (BUSINESS WIRE) -- WorldPort Communications,
Inc. (OTCBB:WRDP) today announced that it has entered into a series of
definitive agreements to sell its principal assets in an all cash transaction
to Energis plc for an estimated value of $570 million.
The assets to be sold include WorldPort's 85% shareholding in WorldPort
Communications Europe Holdings B.V., the parent of EnerTel N.V., the
leading alternative telecommunications network provider in The Netherlands,
and WorldPort's switch operations in London and New York.
Following the acquisition of EnerTel by WorldPort in June 1998, EnerTel
successfully repositioned its product and service range, and this, together
with a revised sales and marketing strategy, has enabled it to achieve rapid
revenue growth and become EBITDA positive. The sale to Energis will
enable EnerTel to further expand its network capacity and reach, and
broaden its product and service portfolio.
WorldPort intends to apply a portion of the net proceeds to be realized from
this sale to repay existing debt.
Salomon Smith Barney is acting as financial advisor to WorldPort on this
transaction. |
