Mergers and Acquistions News
Categories: Telecoms
October 1st 2010, 17:51PM
Internet service provider Earthlink will acquire telecom network firm DeltaCom for $516 million (£326 million), or $3 a share, including assumed debt.
DeltaCom manages a 16,400 mile-long fibre optic network that serves the US's southeast region, providing internet services to more than 32,000 small and medium-sized businesses, larger enterprises and government agencies.
Earthlink sees the acquisition as enabling it to form a leading internet protocol service by combining its internet-related operations with those of DeltaCom.
Customers will benefit from an enhanced IT suite made up of internet, telecoms and managed services.
"As the demand for high-quality IP infrastructure continues to rapidly grow, we see a significant opportunity to focus these combined IP networking and managed service capabilities with our strong balance sheet to meet this increasing demand from enterprise level customers, wireless carriers, and multi-location national accounts while creating long-term value for our shareholders," said EarthLink chairman and chief executive officer Rolla P Huff.
Earthlink posted net income of $28.0 million for 2010's second fiscal quarter.
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