Versatel Takes Over VersapointVersatel Takes Over Versapoint

AMSTERDAM -- Versatel Telecom International N.V. (NASDAQ:VRSA)(AEX:VRSA), today announced that it has reached agreement with NorthPoint Communications to acquire NorthPoint's 50 percent stake in VersaPoint and unwind the VersaPoint joint venture. Versatel acquires herewith 100% of VersaPoint shares. Versatel will make a one-time payment to NorthPoint of EUR 7 million in order to purchase NorthPoint's 50 percent stake in VersaPoint, settle all inter-company payables owed to NorthPoint from VersaPoint and provide VersaPoint with a license to utilize NorthPoint's OSS (Operating Support System) in its current form. Also in connection with the unwinding of the joint venture, Versatel will release NorthPoint from its obligation to fund an additional EUR 25 million to VersaPoint and fund the further development of the OSS. Versatel has also reiterated that it is committed to the rollout of retail DSL services in its core markets in the Benelux and Northwest Germany.

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