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PSINet Europe changes ownership

Gets €7.5m cash injection

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PSINet Europe is now wholly owned by the Israel Corporation following the acquisition of the remaining shares from exiting chairman Andy Ruhan.

Ruhan's shares, and the shares of his co-investor, will be taken up by the remaining shareholders at the Israel Corporation Group - previously the other major shareholder in the business.

Ruhan is said to be leaving the company to "concentrate on other major new business ventures".

Gilad Shavit of Israel Corporation will be appointed as the new Chairman.

News of the restructuring comes as the business ISP, PSINet Europe, announced that it will be EBITDA (earnings before interest etc) positive from Q4 2003.
The Israel Corporation is also going to pump a further €7.5 million (£5.27 million) into the ISP business.

Separately, it was announced that UK MD Stephen Scott is to step down to be replaced by Nicholas Jeffery, currently VP marketing and MD of PSINet Europe's Netherlands operation.

Last year an international group of investors including Israel Corporation bought PSINet Europe for $9.5 million after it was put up for sale by parent, PSINet Inc.

PSINet Inc - which filed for Chapter 11 bankruptcy protection in June 2001 and was bought by Cogent Communications Group Inc for $10 million in April 2002 - filed a motion with the US Bankruptcy Court to auction its European operation. ®

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