Cable & Wireless acquires PSINet Japan
January 28, 2002--Through its subsidiary Cable & Wireless IDC, Cable and Wireless plc (London) has completed the acquisition of PSINet Japan Inc. for $16.6 million (or approximately £ 11.5 million).
Through its subsidiary Cable & Wireless IDC, Cable and Wireless plc (London) has completed the acquisition of PSINet Japan Inc. for $16.6 million (or approximately £ 11.5 million). The increase in the purchase price originally announced on 10 December 2001 results from Cable & Wireless bidding against another party at the court supervised auction that forms part of the sale process under Chapter 11 of the US Bankruptcy Code.
PSINet Japan provides Internet-Protocol (IP) connectivity and web hosting services for enterprise customers in Japan. The company has points of presence within key Japanese cities, a data centre in Tokyo, and provides services to several thousands of business customers.
The acquisition is intended to reinforce Cable & Wireless' position in Japan's growing internet market and accelerate the delivery of Cable & Wireless' strategy to provide IP and data services to business customers in Japan. PSINet Japan's unaudited revenue in the first half year 2001 was #28 million, and the acquisition is expected to more than double Cable & Wireless's IP revenue within Japan.
For more information about Cable & Wireless, visit the company's Web site at www.cw.com.