KPN buys KPNQwest's German network
23 August 2002 -- Dutch incumbent operator KPN has bought the German assets of its bankrupt data service provider joint venture KPNQwest.
23 August 2002 -- Dutch incumbent operator Royal KPN NV has bought the German assets of bankrupt data service provider KPNQwest NV (which includes a 3,500km fibre network). KPN will take on 55 of the 118 staff.
KPNQwest was formed as a joint venture between KPN and US carrier Qwest Communications in 1998, but went bankrupt at the end of May this year with EUR2bn in debts after the parent companies withdrew funding.
Other parts of KPNQwest's network have been sold to rival telecoms companies over the last few months, although at the end of July KPN acquired the Dutch part of KPNQwest's European network.
The company is still in talks with local receivers about acquiring parts of KPNQwest's network in Belgium and the UK.