The purchase price for the local carrier was approximately $15 million in cash and 3.5 million shares of FiberNet common stock.

August 3, 2000

1 Min Read

NEW YORK -- FiberNet Telecom Group, Inc (NASDAQ:FTGX) today announced that it has completed the acquisition of Devnet, L.L.C. Devnet is a provider of carrier-neutral telecommunications access and infrastructure to commercial office properties. Devnet manages the telecommunications assets and access for an institutional portfolio of over 40 million square feet of commercial office space across the country, including properties owned by institutions such as Teachers Insurance and Annuity Association of America, Prime Group Realty, L.P. and major private owners. The purchase price for the acquisition was approximately $15 million of cash and 3.5 million shares of FiberNet common stock.

Michael S. Liss, President and CEO of FiberNet, stated "FiberNet intends to be the leading next generation optical network in the metropolitan local loop. The Devnet acquisition enhances our real estate portfolio and accelerates the extension of our carrier-quality network into Class A commercial office properties. We are excited to have Phil and his team join FiberNet."

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