Global Crossing Acquires Fibernet Group for 94.6 Million

//October 11, 2006

The deal was made through subsidiary GC Acquisitions UK which will pay Fibernet shareholders $1.48 per share.Global Crossing (Nasdaq: GLBC) in Florham Park formally acquired LondoÂs Fibernet Group for $94.6 million. The deal was made through subsidiary GC Acquisitions UK which will pay Fibernet shareholders $1.48 per share. The company made the offer in September. The acquisition adds FibernetÂs Internet-service provider customers to Global CrossingÂs portfolio. The Fibernet business will be integrated into Global CrossingÂs British operations with an expected $80 million increase in annual revenue and up to $10 million in reduced capital expenditures. Overlapping administrative and operations staff will be cut and offices will be eliminated to bring down the costs. Global Crossing shares were unchanged at $21.85 in morning trading.