PSINet Europe finds buyer
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Posted in Music and Media, 26th April 2002 13:14 GMT
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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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