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EC greenlights PSINet Europe sale

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The sale of PSINet Europe to a consortium including ClearBlue Technologies, Israel Corporation and Infinity Holdings has been given the green light by the European Commission.

In May a US bankruptcy court gave its approval for the $9.5 million sale to go ahead after its parent, PSINet Inc decided to auction off the business.

Following the clearance of this hurdle R Scott Arnell is to step down as president and COO of PSINet Europe.

He will be replaced by Richard E Williams as PSINet Europe's new CEO.

Williams has worked in the telecommunications, computer and software industry for over 34 years and is the former founder, President and CEO of RSLCOM Europe Limited, part of Israel Corporation.

He also served as a founding Director of WorldCom (UK).

PSINet Europe generated revenues of around E180 million last year and boasts operations across 12 European countries. ®

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