Global Xing Buys Impsat

FLORHAM PARK, N.J. -- Global Crossing Limited (Nasdaq: GLBC) (Global Crossing), a leading globalIP solutions provider, today announced that it has completed itsacquisition of IMPSAT Fiber Networks, Inc. (OTC Bulletin Board:IMFN)(Impsat), a leading provider of integrated broadband data, Internet,voice telecommunications and advanced hosting. Global Crossing has securedall regulatory approvals, satisfied closing conditions and anticipates aseamless integration of Impsat into its business.

Global Crossing acquired the Latin American telecommunications companyfor a total transaction value of approximately $347 million, comprised ofapproximately $95 million in equity, $26 million of assumed indebtednessand repayment of $226 million of indebtedness. A portion of the funds usedto consummate the merger was financed from the proceeds of an offering of9.875- percent senior notes due 2017 by GC Impsat Holdings I Plc, asubsidiary of Global Crossing. Global Crossing used approximately $160million in cash to fund the remainder of the transaction and associatedcosts, and no capital stock was issued in conjunction with the acquisition.

"The acquisition of Impsat further strengthens our position as both aregional and global leader in delivering next-generation IP communicationsolutions to enterprises and carriers," said John Legere, Global Crossing'schief executive officer. "With our newly expanded operations and thecombined companies' deep bench of knowledgeable salespeople and dedicatedsupport staff, Global Crossing is well positioned to be the communicationsprovider of choice for enterprises and carriers doing business in, or with,Latin America."

Global Crossing (Nasdaq: GLBC)

Impsat Fiber Networks Inc.