Corvis, Broadwing Deal Gets Federal Antitrust Okay
Monday March 24, 10:59 am ET
WASHINGTON (Dow Jones)--A group including Corvis Corp. (NasdaqSC:CORV - News) has received antitrust clearance from the Federal Trade Commission for its proposed acquisition of some assets of Broadwing Inc.'s business.
The commission said Monday that it granted the companies early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.
As reported Feb. 25, Broadwing signed an agreement to sell some assets of its broadband business, Broadwing Communications Services Inc., to privately held C III Communications LLC for $129 million cash.
C III Communications is to assume long-term operating liabilities of the business, formerly known as IXC Communications Inc., while continuing to provide services to customers and retaining current employees.
C III is a venture between Cequel III LLC, an investment and management company in St. Louis, and Corvis, a telecommunications equipment provider in Columbia, Md.
Broadwing is to retain a minority interest in C III Communications and Cequel will lead management of the new company, which is to continue under the Broadwing name.
-By Ben Siegel, Dow Jones Newswires; 202-628-7689 |
