GC Gets Fibernet

FLORHAM PARK, N.J. and LONDON -- Global Crossing Limited (Nasdaq: GLBC - News) today announced that its subsidiary, GC Acquisitions UK Limited ("GC Acquisitions UK"), has formally acquired Fibernet Group Plc (LSE: FIB - News). GC Acquisitions UK will pay Fibernet shareholders 78 pence (approximately $1.48) per share, for a total equity value of approximately 49.8 million British pounds sterling ($94.6 million).

In response to its offer to Fibernet shareholders on September 14, 2006, GC Acquisitions UK has received acceptances as to 91 percent of Fibernet's issued shares. Having declared the offer unconditional in all respects and having thereby acquired and taken control of Fibernet, GC Acquisitions UK has ensured its ability to acquire all of the remaining shares through the UK's compulsory share acquisition process.

"The addition of Fibernet makes us an even stronger competitor, both in the UK and globally, contributing positively to Global Crossing's leadership position as a next-generation communications provider," said John Legere, chief executive officer of Global Crossing. "This acquisition will further accelerate the performance of our 'invest and grow' segment with the addition of Fibernet's valuable enterprise and Internet service provider customers and the opportunity to serve their future requirements with Global Crossing's broader portfolio of innovative IP solutions."

Global Crossing (Nasdaq: GLBC)