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Technology Stocks : Exodus Communications, Inc. (EXDS)
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To: DD™ who started this subject11/30/2001 11:29:10 AM
From: jmhollen  Read Replies (1) of 3664
 
C&W to Buy Exodus Assets for $575M

LONDON, Nov 30, 2001 (AP Online via COMTEX) -- Cable & Wireless PLC has agreed to pay $575 million in cash for the bulk of the assets of Exodus Communications Inc., a U.S. Internet hosting services firm which is in bankruptcy proceedings.

The British telecommunications group said Friday that it will buy 30 of Exodus' 44 operational data centers together with most of Exodus' customer contracts in the United States, Europe and Japan, and other assets.

It will also assume $275 million in liabilities under terms of the deal.

The operations will fit with Cable & Wireless' strategy to provide global Internet Protocol and data services to business customers, the British company said. The acquisition follows its purchase in May of Digital Island, a smaller Internet services company.

Cable & Wireless said it expects it will need to invest as much as $250 million in the Exodus business to make it profitable. It anticipates that the business could post an operating profit by 2003 and a net profit by 2005.

Exodus, headquartered in Santa Clara, Calif., filed for protection under Chapter 11 of the U.S. bankruptcy laws on Sept. 26. The deal with Cable & Wireless is subject to approval of the bankruptcy court in Wilmington, Del.

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On the Net:

Exodus site: exodus.net
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