Feeds

Claranet closer to VIA buyout

Definitive agreements 'executed'

  • alert
  • submit to reddit

Website security in corporate America

Claranet has taken another step forward in its bid to acquire VIA NET.WORKS.

The UK ISP has "executed definitive agreements for the sale of all the company's operations to Claranet" for $26.4m in cash. Claranet has also agreed to sub VIA with a loan of up to $7m to help the Europe and US-based business ISP carry on trading until the transaction is complete.

Confirmation that the deal is proceeding follows the publication of a letter of intent between Claranet and VIA on April 11. VIA had sought urgent financial assistance after warning that it faced an "urgent liquidity problem".

Claranet's $26.4m will buy it all of VIA's European and US businesses, including its brands VIA NET.WORKS, Amen and PSINet Europe. The deal also means that VIA "remains responsible for its corporate headquarters staff, other than those employees offered employment by Claranet, and all liabilities and expenses of the group".

Indeed, staffing issues remain a problem after staff at VIA's web host Amen went on strike following news of the proposed acquisition. In an open letter to Claranet boss Charles Nasser, striking workers said they still hadn't had a face-to-face meeting to discuss their concerns about future employment and pleaded with him to open negotiations.

A senior spokesman for Claranet said the company hoped to meet all VIA employees over the next couple of weeks, but was not in a position to comment further.

He told us: "The deal has not gone through yet and don't have any operational control of the company." ®

Related stories

Claranet rejects 'cold feet' claims over VIA deal
Backlog builds as Amen strike bites
Amenworld workers strike over proposed VIA sale
Claranet to buy VIA NET.WORKS

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.