November 4, 2003
Canadian operator, Teleglobe (NYSE, Toronto: BCE) said Tuesday it will buy VOIP wholesaler ITXC Corp. (Nasdaq: ITXC), sending shares of ITXC soaring 26.18 percent to $4.05 a share. The financial details of the stock-for-stock transaction were not disclosed (see Teleglobe Acquires ITXC).
ITXC, which fought off a hostile takeover by IDT during the summer (see ITXC Rejects IDT Approach), has a market capitalization of about $138 million and is the largest VOIP wholesaler worldwide, with around 20 percent of the market, according to TeleGeography Inc. (see ITXC Leads in VOIP).
Teleglobe, which recently emerged from bankruptcy, is controlled by private equity firm Cerberus Capital Management. It operates a wholesale voice-and-data transport network that spans 240 countries and interconnects roughly 275 carriers. It also operates a global mobile roaming signaling network.
”The voice business is about scale, and our combined companies will carry 11.4 billion wholesale minutes a year, positioning us within the top three largest wholesalers in the world… Nobody is as focused on the carriers' carrier market,” says Liam Strong, president and CEO of Teleglobe.
Get the rest of the story on Boardwatch.
— Jo Maitland, Senior Editor, Boardwatch
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