Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : METRICOM - Wireless Data Communications -- Ignore unavailable to you. Want to Upgrade?

To: AI Master who wrote (1056)	6/1/1999 5:17:00 PM
From: Tom Scozzafava	Read Replies (1) \| Respond to of 3376

Any comments on this? (Any relevance?) Tuesday June 1, 4:42 pm Eastern Time FOCUS-Qwest, tech funds invest in Advanced Radio (rewrites with details from conference call, share prices) NEW YORK, June 1 (Reuters) - Qwest Communications International Inc. (Nasdaq:QWST - news) and nine technology investment funds on Tuesday agreed to invest $251 million in Advanced Radio Telecom Corp. (Nasdaq:ARTT - news), allowing the wireless Internet service provider to speed the construction of its local wireless networks. Denver-based Qwest, the No. 4 U.S. long-distance company, will invest $90 million and receive a 19 percent stake in Advanced Radio. The second-largest single investor, Oak Investment Partners, will spend $40 million. The other eight funds are spending a total of $121 million. Each of the investors is acquiring preferred stock convertible into Advanced Radio common stock. All the investors together are limited to owning a 45 voting stake in Advanced Radio. Advanced Radio will use the money to continue building local networks in 40 of the top 50 U.S. markets over the next two years, company officials said in a conference call Tuesday. The market penetration will give it access to more than half of U.S. businesses, the company estimates. For that leg of its expansion, the company needs a total of $450 million, officials said, adding that they expect to easily obtain the remaining $200 million. Advanced Radio's local wireless networks will be connected to Qwest's long-distance, fiber-optic network, expanding Qwest's reach and providing a long-distance backbone for Advanced Radio's local networks. Advanced Radio currently offers data services to businesses in Seattle, Portland and Phoenix. It owns or manages wireless spectrum licenses in 49 of the top 50 U.S. markets. The companies anticipate closing the transaction in the third quarter, subject to approval by Advanced Radio shareholders and federal regulators. Advanced Radio shares rose $1.1875, to $12.50, in afternoon trade on the Nasdaq stock market, while Qwest shares fell $2.25, to $40.375, also on Nasdaq.