360networks Completes GT Acquisition

Long-haul provider combines with one of Canada's largest independent telcos; GT creditors will get about CN$250M (US$165M) in cash

February 4, 2003

1 Min Read

TORONTO and VANCOUVER -- 360networks Corporation, a leading provider of data telecommunications services, announced today the completion of its acquisition of the operations of Group Telecom, one of Canada's largest independent, competitive telecommunications service providers. Under the terms of the agreement, the secured creditors of GT will receive a cash distribution of approximately C$250 million. "We are excited about the combination of our businesses, and we welcome the GT team and their customers to 360networks," said Greg Maffei, 360networks chairman and chief executive officer. "From a product, service and network standpoint, we offer a tremendous value proposition to customers - high-quality, reliable and innovative telecommunications services across North America." "Together our pioneering products and extensive network make us one of Canada's largest, full-service, competitive telecommunications companies," added Dan Milliard, Group Telecom's chief executive officer. "We began integrating our businesses with the signing of this transaction in November and are already seeing the strength of the combination to the benefit of customers and stakeholders." Both companies were successfully reorganized with 360networks completing its reorganization in November 2002 and GT completing its reorganization and emergence from CCAA court protection effective with the closing of the acquisition. Group Telecom first obtained CCAA court protection on June 26, 2002. 360networks Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like