Baltimore Technologies + Content
Technologies, Covad Communications + Loop
Telecom, Homestore.com + The Hessel Group, O2,
Essential Marketing Technologies + LookSonic.com, vitacost.com + MotherNature.com, Watchout! + Cormax
Businesss Solutions
Covad Communications (COVD) purchases stake in
Loop Telecom |
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Amount: $50
million |
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Terms:
n/a |
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Premium: n/a |
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Industry: ISPs/Access
providers |
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Scorecard: B |
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SANTA CLARA, Sept. 14--Covad Communications , a U.S.-based broadband services provider utilizing DSL
technology, and its newly formed Covad Communications International, B.V.,
announced its first European investment, an agreement to purchase a
majority share of Loop Telecom, Spain's first full-service broadband
service provider for small and medium sized businesses. Under the
agreement, Covad will acquire Loop
Holdings Europe AsP, which holds shares representing a 70% interest in
privately held Loop Telecom, for $15
million US and notes for additional payments of $15 million US six months
after close and $20 million US one year after close.
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