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An international group of investors led by a British financier has emerged as the frontrunner in the race to buy PSINet Europe.

The group, which includes ClearBlue Technologies, Israel Corporation, Infinity Holdings and British financier Michael W Stevens, has entered into a contract to buy the ISP and Web hosting business for $9.5 million cash.

The deal still needs to be approved by the US Bankruptcy Court. If the sale is given the go-ahead then it's expected to be completed by the end of June.

PSINet Europe generated revenues of approximately $160 million in the year ending December 31st 2001 and employs around 600 people.

PSINet Europe was put up for sale earlier this month after its parent, PSINet Inc, filed a motion with the US Bankruptcy Court to auction its European operation.

Earlier this month Cogent Communications Group Inc confirmed it had bought the US operations of PSINet Inc for $10 million.

PSINet Inc filed for Chapter 11 bankruptcy protection in June 2001. ®

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