An interesting end for MMWW. I wonder if this changes the plans to spin off XPDR:
biz.yahoo.com
Wednesday March 22, 6:00 am Eastern Time
Company Press Release
SOURCE: PSINet Inc.; Metamor Worldwide, Inc.
PSINet to Acquire Metamor Worldwide
Combination Creates First Fully Integrated Global IP Communications Services Company
On March 22, 2000, PSINet Inc. and Metamor Worldwide, Inc. jointly issued the following press release:
PSINet will host a press briefing by telephone March 22, at 11:00 a.m. U.S. EST. Those interested in participating should call 1-800-553-0272 no later than 10:55 a.m.
HERNDON, Va. and HOUSTON, March 22 /PRNewswire/ -- PSINet Inc. (Nasdaq: PSIX - news), the Internet Super Carrier, today announced that it has entered into a definitive agreement whereby it will acquire Metamor Worldwide, Inc. (Nasdaq: MMWW - news), a leading provider of information technology (IT) solutions. Metamor, headquartered in Houston, Texas, had 1999 revenues of $577 million and EBITDA of $63 million, and has more than 70 offices, with over 4,500 employees. Once integrated, the move will create a global business focused Internet company equipped to provide turn-key outsourced solutions ranging from web design to managed hosting and applications outsourcing.
The combination also gives PSINet a controlling interest in Metamor's publicly traded e-Business solutions subsidiary -- Xpedior Incorporated (Nasdaq: XPDR - news). Xpedior provides comprehensive e-Business solutions to global companies, government, and emerging digital businesses. The company helps its clients develop new e-Business capabilities, then delivers reliable, end-to-end solutions needed to bring them rapidly to market. Headquartered in Chicago, Xpedior has approximately 1,300 employees.
The purchase of Metamor is expected to be immediately accretive to PSINet's EBITDA. The transaction, structured as a tax-free reorganization, has a $1.9 billion purchase price consisting of approximately 39.9 million shares of PSINet common stock. Each share of Metamor will be exchanged for .9 shares of PSINet common stock. The transaction was structured without a collar on the PSINet shares issued to Metamor stockholders. |
