White Plains, NY
On June 23rd Metromedia Fiber Network, Inc. (NASDAQ: MFNX) announced a definitive agreement to buy AboveNet Communications, Inc. (NASDAQ: ABOV) for $1.55 billion in stock. AboveNet is the ISP that provides other Internet service providers and businesses with faster, more direct and reliable access to the Web. Metromedia Fiber is a facilities-based provider of technologically advanced, high bandwidth, fiber optic communica-tions infrastructure to communications carriers and corporate and government customers in the U.S. and Europe. The match means corporations can get Web access, through a high speed network from one provider. By combining Metromedia Fiber Network's virtually unlimited, pure photonic fiber network with AboveNet's high performance connectivity solutions, Internet traffic is able to flow more predictably, more reliably and at lower cost. AboveNet will have access to Metromedia Fiber's planed network of over 1.1 million fiber miles in North America and Europe. Kline Hawkes played an active role in the merger.
Acquired AboveNet Communications
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