NTT Com signs definitive agreement to acquire Pacific Crossing
MAY 26, 2009 -- The acquisition will add Pacific Crossing's undersea cable network connecting Japan and the United States to NTT Com's global infrastructure.
MAY 26, 2009 -- Pacific Crossing Ltd. (search Lightwave for Pacific Crossing), a trans-Pacific undersea cable network operator, has agreed to be acquired by NTT Communications (NTT Com; search Lightwave for NTT Com), the international and long-distance service arm of NTT Corp. NTT Com will acquire 100% of Pacific Crossing's outstanding common shares. The largest of PCL's shareholders are funds managed by Strategic Value Partners LLC.
Pacific Crossing's PC-1 network is the second-largest trans-Pacific subsea cable system. Through the acquisition of Pacific Crossing, NTT Com will combine its network assets in Japan and globally with the PC-1 network to provide enhanced connectivity between the United States, Japan, and Asia.
NTT Com will retain the Pacific Crossing management team, led by chief executive Mark Simpson. Pacific Crossing says it anticipates a smooth transition, ensuring that customers continue to experience reliability and performance with the PC-1 network. Customers of Pacific Crossing will have access to NTT Com's global infrastructure including a domestic Japan network capable of providing seamless connectivity between the PC-1 network and major communication hubs in Tokyo and Osaka, as well as the rest of Asia. Customers in mainland Asia will be able to connect directly to Pacific Crossing's and NTT's combined 12 points of presence in the United States, including Seattle, Los Angeles, Dallas, Chicago, and New York.
"Pacific Crossing's customers have long appreciated the performance and reliability of the PC-1 network. With the addition of PC-1 to NTT Com's premier global network, a broader base of carriers and enterprise customers will now be able to utilize our system and recently expanded service offerings, including Gigabit Ethernet," says Mark Simpson. "Because of the synergies between NTT Com and Pacific Crossing, we view the acquisition as an exciting opportunity to build upon our recent successes and to expand access to our network."
The Blackstone Group L.P. acted as the exclusive financial advisor to Pacific Crossing on the transaction, and Latham & Watkins LLP served as Pacific Crossing's legal advisor. Houlihan Lokey acted as the financial advisor to NTT Com and Squire, Sanders & Dempsey LLP served as NTT Com's legal advisor.
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