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Some good industry news this morning –
adds some substance to WISP valuations.
We do work with both of these companies so there’s some personal
reward here. Of course that places
us under confidentiality and limited in commentary. <grin> -Eric Covad to acquire NextWeb for
$23 mln Wed Oct 5, 2005 06:56 AM ET Oct 5 (Reuters) - Covad Communications Group
(DVW.A: Quote,
Profile,
Research)
, a provider of integrated voice and data communications, on Wednesday said it
agreed to acquire Internet provider NextWeb Inc. for about $23 million in cash
and stock. Covad also said it would assume $1.7 million in net debt under the
deal.
"Our acquisition of NextWeb
accelerates Covad's entry into the emerging wireless broadband market,"
Covad Chief Executive and President Charles Hoffman said in a statement. The deal, which includes $4 million in cash and $19 million in
Covad shares, is expected to close by the end of the year. Covad said a portion of its shares to be issued would be
restricted from sale in the open market for a period of time. Privately held NextWeb is California's largest fixed-wireless
service provider for business. Shares in Covad closed at $1.05 on Tuesday on the American Stock
Exchange. (Reporting by Renu Pariyadath in Bangalore) Eric DaVersa Vice-President, Business
Development NetLogix OFFICE: 858.764.1998 CELL: 858.245.6702 FAX: 858.764.1982 |
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