Feeds

PSINet Europe finds buyer

Seeks approval

  • alert
  • submit to reddit

High performance access to file storage

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. ®

Related Story

PSINet Europe for sale

High performance access to file storage

More from The Register

next story
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.