Monday April 27, 9:21 am Eastern Time
Company Press Release
WinStar to Purchase 14.9% of Advanced Radio Telecom Corp.
NEW YORK--(BUSINESS WIRE)--April 27, 1998--WINSTAR COMMUNICATIONS, INC. (NASDAQ:WCII - news) announced today that it has agreed to purchase 14.9% of the outstanding common stock of Advanced Radio Telecom (ART) Corp. (NASDAQ:ARTT - news) from private investors. The purchase is subject to a waiting period under the Hart Scott Rodino Act.
WinStar will issue one share of its common stock in exchange for every 2.2 shares of ART purchased. The conversion ratio results in a purchase price of $17.39 per ART share, based on WinStar's closing price on the date of signing, April 24, 1998, a 22% premium to ART's market price on that date. WinStar will issue 1,525,302 restricted common shares in connection with the transaction, and will receive 3,313,864 common shares of ART and certain other unrelated assets.
WinStar Communications, Inc. is a national local communications company, serving business customers, long distance carriers, fiber-based competitive access providers, mobile communications companies, local telephone companies, and other customers with broadband local communications needs. The company provides its Wireless Fiber(SM) services using its licenses in the 38 GHz spectrum. The company also provides long distance, Internet and information services.
WinStar is a registered trademark, and Wireless Fiber is a service mark of WinStar Communications, Inc.
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Contact:
Financial Community: or Press:
Frank Jepson Beth Ellen Keyes
SVP, Capital Market Relations (212) 584-4098
(212) 584-4021 |
