Court Approves Sale of Exodus to Cable & Wireless; Transaction Expected to Complete Late January/Early February 2002
LONDON, Jan 17, 2002 (BUSINESS WIRE) -- Cable and Wireless plc (NYSE:CWP) announced today that the United States Bankruptcy Court for the District of Delaware has approved the agreement under which Cable and Wireless plc's wholly-owned subsidiary Digital Island Inc (together with other subsidiaries "Cable & Wireless"), will purchase selected assets and a majority of the business activities of Exodus Communications, Inc. in the United States (together the "Exodus Business").
The Exodus Business comprises substantially all of Exodus's United States customer contracts, together with selected corporate and data centre assets, know-how, intellectual property (including the Exodus brand), high quality employee base and other resources required to support these customers and grow the business.
The Bankruptcy Court's approval does not cover Cable & Wireless' proposed acquisition of Exodus's operations and data centers in London, Frankfurt and Tokyo which are the subject of separate agreements which are still being discussed with Exodus. The transaction is expected to close during late January/early February 2002. The agreement remains subject to customary closing conditions.
About Cable & Wireless
Cable & Wireless is a major global telecommunications business with revenue of over US$11 billion in the year to 31 March 2001 and customers in 70 countries. Cable & Wireless' focus for future growth is on IP (internet protocol) and data services and solutions for business customers.
It is developing advanced IP networks and value-added services in the US, Europe and the Asia-Pacific region in support of this strategy. With the capability of its global IP infrastructure and its strength in key markets, Cable & Wireless holds a unique position in terms of global coverage and services to business customers. For more information about Cable & Wireless, go to www.cw.com.
Greenhill & Co. International Limited ("Greenhill & Co.") and Merrill Lynch International ("Merrill Lynch") are acting exclusively for Cable & Wireless in connection with this transaction and for no one else and will not be responsible to anyone other than Cable & Wireless for providing the protections afforded to clients of either Greenhill & Co. or Merrill Lynch or for providing advice in relation to this transaction.
CONTACT: Cable & Wireless
Investor Relations:
Chris Tyler, +44 (0)20 7315 4460
Valerie Gerard, 646/735-4211
or
Media:
Susan Cottam, +44 (0)20 7315 4410
Peter Eustace, +44 (0)20 7315 4495
or
Greenhill & Co.
London:
James Lupton
David Wyles
+44 (0)20 7440 0400
or
New York:
Michael Kramer
Tim Haddock
212/389-1500
or
Merrill Lynch
London:
Bob Wigley
Gavin Deane
+44 (0)20 7628 1000
or
New York:
Michael Costa
Khaled Eldabag
212/449-1000
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved. |
