World Access Acquires Shares of TelDaFax
AG, Owned by Apax Funds; World Access
Controls 33% of TelDaFax's Outstanding
Shares
PR Newswire - September 21, 2000 16:45
ATLANTA, Sept. 21 /PRNewswire/ -- World Access, Inc. (Nasdaq:
WAXS) announced today that it has closed the purchase of the 11.2 million
outstanding shares of TelDaFax AG (NEUER MARKT: TFX), owned by
investment pools advised by Apax Partners & Co. ("the Apax shares"). Each
Apax share has been exchanged for 1.025 shares of World Access common
stock. This event gives World Access control of approximately 33% of
TelDaFax's outstanding shares.
Under the original terms of the TelDaFax purchase agreement, the transaction
to acquire TelDaFax was expected to be comprised of several elements.
Concurrently, World Access would buy the 33% interest in TelDaFax held by
Apax, contribute certain of World Access' German businesses to TelDaFax in
exchange for newly issued TelDaFax shares, and tender for all of the remaining
shares of TelDaFax at the 1.025 exchange ratio. These transactions were
contingent on World Access achieving ownership of greater than 50% of
TelDaFax's outstanding shares. While the Apax tranche has been completed
separately, the tender offer and asset contribution are expected to occur
concurrently, as originally agreed.
John D. Phillips, Chairman and Chief Executive Officer, commented, "We had
an opportunity to close early on this piece of the TelDaFax transaction. Given
the delays we've experienced in the regulatory review process and the
consequent setback in launching the tender offer, we wanted to demonstrate
our commitment to this important transaction by taking advantage of this
opportunity. We are anxious, not only to close this transaction, but to begin
moving forward with the integration of our operations and believe that this is the
first step in accelerating that process. We look forward to launching the tender
offer shortly after clearing our TelDaFax proxy with the SEC."
About World Access
World Access is focused on being a leading provider of bundled voice, data
and Internet services to small- to medium-sized business customers located
throughout Europe. In order to accelerate its progress toward a leadership
position in Europe, World Access is acting as a consolidator for the highly
fragmented retail telecom services market, with the objective of amassing a
substantial and fully integrated business customer base. To date, the Company
has acquired several strategic assets, including FaciliCom International, which
operates a Pan-European long distance network and carries traffic for
approximately 200 carrier customers, and NETnet, with retail sales operations
in 9 European countries. NETnet's services include long distance, internet
access and mobile services. Located strategically throughout the United States
and 13 European countries, World Access provides end-to-end international
communication services over an advanced asynchronous transfer mode internal
network that includes gateway and tandem switches, an extensive fiber network
encompassing tens of millions of circuit miles and satellite facilities. For
additional information regarding World Access, please refer to the Company's
website at www.waxs.com.
This press release may contain financial projections or other forward- looking
statements made pursuant to the safe harbor provisions of the Securities
Reform Act of 1995. Such statements involve risks and uncertainties which
may cause actual results to differ materially. These risks include: potential
inability to identify, complete and integrate acquisitions; difficulties in expanding
into new business activities; delays in new service offerings; the potential
termination of certain service agreements or the inability to enter into additional
service agreements; and other risks described in the Company's SEC filings,
including the Company's Annual Report on Form 10-K for the year ended
December 31, 1999, as amended, the Company's Quarterly Report on Form
10-Q for the quarter ended March 31, 2000, as amended, the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2000, as
amended, and the Company's Registration Statements on Forms S-3 (No.
333-79097) and S-4 (No. 333-37750), all of which are incorporated by
reference into this press release.
CONTACT: Investor Relations of World Access, Inc., 404-231-2025
SOURCE World Access, Inc.
/CONTACT: Michele Wolf, V.P. of Investor Relations of World Access, Inc.,
404-231-2025/
/Web site: waxs.com /
(WAXS) |
