SNL Kagan EarthLink Holdings Corp. sold certain of its information technology service assets to IT managed services company Synoptek.
The transaction impacts about 1,700 customers that are serviced through data centers and office locations in the continental U.S. and Canada, according to a Feb. 1 news release. Proceeds from the transaction are around $29 million, subject to post-closing contingencies. The divested IT services assets generate roughly $37 million in annualized run-rate revenue. Synoptek, meanwhile, said the acquisition will positively impact Synoptek's 400-plus active worldwide customers as well as the 1,700 IT Services customers the company is acquiring from EarthLink. EarthLink will continue its core business of providing a differentiated suite of both managed and network services to business customers, including enhanced core data and voice services and carrier grade transport services. Bank Street served as EarthLink's exclusive financial adviser in connection with the transaction, while Troutman Sanders served as legal adviser. _______________________________________________ Medianews mailing list Medianews@etskywarn.net http://etskywarn.net/mailman/listinfo/medianews_etskywarn.net
