Frank Coluccio Technology Forum - ASAP Message Board

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Technology Stocks : Frank Coluccio Technology Forum - ASAP

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To: Frank A. Coluccio who wrote (1633)	5/19/2000 1:05:00 AM
From: Frank A. Coluccio	of 1782

5-17-00: Time Warner Plans to Purchase GST Telecom Assets Time Warner Telecom Inc. today announced it has executed a letter of intent to purchase substantially all of the assets of GST Telecommunications, Inc. (GST) for $450 million in cash. It is anticipated that the purchase would be implemented in Chapter 11 proceedings, which GST will institute today in filings for its U.S. subsidiaries with the U.S. Bankruptcy Court in Delaware. The purchase is subject to the approval of the bankruptcy court, the execution and delivery of a definitive purchase agreement, satisfactory completion of due diligence, state and federal regulatory approval, and other customary terms and conditions. "Our proposed acquisition of the assets of GST is an opportunity to extend and accelerate our previously stated geographic expansion strategy," said David Rayner, Time Warner Telecom's Sr. Vice President and CFO. "Time Warner Telecom has an established track record of building and operating optical networks and we look forward to bringing this experience to bear upon GST assets." For more information, visit www.twtelecom.com.

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