Feeds

PSINet Europe finds buyer

Seeks approval

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

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

Remote control for virtualized desktops

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
'Internet Freedom Panel' to keep web overlord ICANN out of Russian hands – new proposal
Come back with our internet! cries Republican drawing up bill
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?