Covad Enters Euro Market

$50M deal for 70 percent interest in Spanish broadband service provider Loop Telecom S.A

September 15, 2000

1 Min Read

SANTA CLARA, Calif., and BARCELONA­ -- Covad Communications (NASDAQ: COVD), the leading U.S.-based broadband services provider utilizing DSL (Digital Subscriber Line) technology, and its newly formed Covad Communications International, B.V., today announced its first European investment, an agreement to purchase a majority share of Loop Telecom. Loop is Spain's first full-service broadband service provider for small and medium sized businesses.

"Our investment in Loop Telecom represents the first stage of our European entry strategy, " said Robert Davenport, CEO of Covad Communications International B.V. "We are bringing our proven expertise in network deployment and service delivery to a well-positioned, innovative company that is a pioneer in the Spanish broadband market. The synergies between Loop and Covad will definitively accelerate the availability of high speed Internet access to Spanish businesses."

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