Zayo to Merge With FiberNet

NEW YORK -- FiberNet Telecom Group, Inc. (Nasdaq: FTGX - News) announced today that it has entered into a definitive Agreement and Plan of Merger with Zayo Group, LLC, a regional provider of bandwidth and telecom services to carrier, enterprise and government customers ("Zayo Group") and Zayo Merger Sub, Inc., a wholly-owned subsidiary of Zayo Group. Each share of FiberNet Telecom Group, Inc. ("FiberNet") common stock issued and outstanding immediately prior to the effective time of the merger will be entitled to receive $11.45 in cash (subject to potential adjustment under the merger agreement).

The transaction is subject to the approval of FiberNet's stockholders at a special meeting, FCC and state regulatory approvals, and customary conditions. The transaction is not subject to any financing condition. The Board of Directors of FiberNet approved the agreement and recommended the adoption of the agreement by FiberNet's stockholders. The transaction is expected to be completed during the third quarter of 2009.

FiberNet will solicit superior proposals from third parties until June 17, 2009. There can be no assurance that FiberNet will receive any superior proposals, and it does not intend to disclose developments with respect to this solicitation process unless and until its Board of Directors has made a decision to accept a superior proposal.

FiberNet Telecom Group Inc. (Nasdaq: FTGX)

Zayo Group Inc. (NYSE: ZAYO)