PSINet to sell European business for $9.5 million

posted by abennett
Be the first to comment | I like it!
More »
on this topic
April 26, 2002, 09:44 AM —  ITworld.com — 

Internet services firm PSINet Inc. plans to sell its European operations to a consortium of investors for US$9.5 million in cash, the company said Friday.

The group of buyers is led by a British financier and includes data center operator ClearBlue Technologies Inc. and investment companies Israel Corp. and Infinity Holdings. Conditions for the sale, which include approval by regulators and a U.S. Bankruptcy Court, should be met by June 28, PSINet said.

PSINet Europe employs about 600 people and had sales of about $160 million in 2001. The company offers a host of Internet-related services such as access, Web hosting and collocation in the U.K., France, Germany and other European countries. The buyers plan to invest in PSINet Europe to develop and expand the business, PSINet said.

PSINet of Ashburn, Virginia, filed for Chapter 11 bankruptcy protection in June last year. The company has been selling off its businesses since then. The operations in Canada, Hong Kong, Japan and the U.S. are now owned by others, while the Australian operations remain, a PSINet spokeswoman said.

ITworld.com

I like it!
Post a comment
The content of this field is kept private and will not be shown publicly.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.
Free books

Essential JavaFX
Get started building rich Web apps quickly with an introduction to the power of JavaFX key features -- scene node graphs, nodes as components, the coordinate system, layout options, colors and gradients, custom classes with inheritance, animation, binding, and event handlers.Enter now!

The Nomadic Developer
Consulting can be hugely rewarding, but it's easy to fail if you are unprepared. To succeed, you need a mentor who knows the lay of the land. Aaron Erickson is your mentor, and this is your guidebook. Enter now!

Featured Sponsor
Case Study: AISO grows its "green" business

AISO founders envisioned a Web hosting company that was environmentally friendly. While the company employed energy-efficient innovations like solar panels, its infrastructure produced unacceptable power and cooling requirements. Find out how AISO leveraged AMD technology to overcome their challenge in this case study white paper.

Download this white paper »
Myth of the Million Dollar Database

In this whitepaper, Scalar explores the opportunity to change the landscape with respect to mission critical databases built around Oracle. Leveraging technologies such as Linux, high-end commodity processing power and Oracle RAC technology to architect, design, build and maintain database infrastructure that delivers maximum availability, reliability and performance at a fraction of traditional cost.

Download this white paper »
Success Story: Weather.com handles whatever nature serves up

On a typical day, weather.com, the Web site for The Weather Channel in Atlanta, serves up between 15 million and 20 million page views. But in September 2004, when back-to-back hurricanes ransacked Florida, the peak traffic on one day more than tripled: over 70 million page views by more than 7 million unique visitors. Read the full success story now.

Download this white paper »
Marketplace