Feeds

Claranet to buy VIA NET.WORKS

Lays down big depost

  • alert
  • submit to reddit

Top three mobile application threats

VIA NET.WORKS, Inc. - the business-focused telco in Europe and the US which recently said it was facing an "urgent liquidity problem" - has agreed to be rescued by UK ISP Claranet for $27m.

Yesterday both companies said they had signed a letter of intent for Claranet to snaffle up VIA NET.WORKS. Although it is still early days, Claranet has coughed up a $3m deposit for exclusive negotiation rights with VIA until 30 April.

Should the deal get all the necessary rubber stamps, it would mean that Claranet would snap up all of VIA NET.WORKS's European and US businesses, including PSINet Europe's operations and the Amen Group.

Three weeks ago VIA NET.WORKS called in PricewaterhouseCoopers to help it secure new financing to address what it described as an "urgent liquidity problem". Netherlands-based VIA NET.WORKS had given itself until the end of March to either find new investment or flog all or part of the business.

Commenting on the launch of the Claranet lifeboat VIA's chief exec Ray Walsh said: "We have undertaken an intensive process these past several weeks working in parallel with a number of potential strategic partners to negotiate the best transaction for our shareholders. We also believe that Claranet's offer will provide the best value for our employees, customers, creditors and other constituencies."

If all goes to plan the deal should secure shareholder approval within the next two or three months.

Of course, VIA and Claranet have history. In September last year Claranet snapped up the UK operation of VIA for $13.2m prompting Claranet boss Charles Nasser to explain that the ISP is "consolidating its position" as a European provider of communication services to business while "adding to the group's future revenues and profits". ®

Related stories

VIA NET.WORKS faces liquidity crisis
Claranet buys VIA NET.WORKS UK
The Great ISP Buyout

Combat fraud and increase customer satisfaction

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Combat fraud and increase customer satisfaction
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.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.