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Strategies & Market Trends : Angels of Alchemy -- Ignore unavailable to you. Want to Upgrade?

To: KevinMark who wrote (14447)	9/28/2000 8:43:24 AM
From: ColtonGang	Read Replies (1) \| Respond to of 24256

This should help.........Exodus buys GlobalCenter Web hosting business acquired from Global Crossing for $6.5B in stock September 28, 2000: 8:22 a.m. ET NEW YORK (CNNfn) - Exodus Communications Inc. agreed Thursday to buy Global Crossing Ltd's Web hosting business GlobalCenter Inc. for about $6.5 billion in stock. The deal will make Exodus the world's largest Web-hosting business. Global Crossing (GBLX: Research, Estimates) will become Exodus' largest shareholder. The companies also signed a 10-year network services agreement and will form a joint venture in Asia to provide Web hosting and managed services. Exodus (EXDS: Research, Estimates) will own 67 percent of the venture, and Global Crossing will own 33 percent. Exodus will issue a number of common equivalent shares equal to $6.525 billion divided by the average closing price of Exodus stock prior to the closing of the transaction, the company said. The transaction will be accounted for as a purchase and is expected to close in the first quarter of 2001, the companies said.