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In move to expand customer base in Europe, Primus Telecommunications
Group agreed to pay $72 million cash for Telegroup Inc., which filed
for Chapter 11 protection in N.J. earlier this year. Purchase includes
Telegroup's retail customer base and related assets in U.S., Japan
and Hong Kong and stock of its European retail subsidiaries. Primus
said it expects deal, which covers 350,000 retail customers, to add
$150 million to annual revenue. Assets covered by agreement include
"substantially all of Telegroup's global network" such as switches
in N.Y., London, France, Germany, Hong Kong, Italy, Netherlands, Switzerland,
Tokyo. "We are now able in one quick step to build our network footprint
throughout Europe," said Primus Chmn. Paul Singh. U.S. Bankruptcy
Court in N.J. cleared sale to Primus, company said. Companies said
they expect to sign definitive agreement within several weeks. |
