C1 Communications, Wispra Networks to Become XO Communications Canada
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[Mississauga, CANADA] C1 Communications Inc. and Wispra Networks, Inc., (a venture of Wispra Inc., TD Capital Group and XO Communications, Inc., formerly known as NEXTLINK), signed an agreement under which C1 and Wispra Networks combine as a full service voice, data and Internet communications company serving Canada's top 12 markets. The combined company will operate under the name XO Communications Canada Inc.
Closing of the transaction is subject to conditions,including negotiation of the definitive agreements and board and regulatory approvals. Definitive agreements relating to the transaction are expected to be reached by the end of the year.
Following the closing of the transaction, XO Communications Canada investors are expected to include Wispra Inc., TD Capital Group, New Brunswick Investment Management Corp., C. William Stanley, James A. MacMurray, selected members of the C1 Communications management team, Alta Communications, Charlesbank Capital Partners, and XO International, a subsidiary of XO Communications, Inc.
C. William Stanley, founder, chairman and CEO of C1 will become XO Communications Canada Chairman. A.S. (Tony) Cassetta will become Chief Executive Officer and will be responsible for directing the company's operations and 400+ employees. He is currently serving as C1 Communications' President and Chief Operating Officer. The remainder of C1's current senior executives are expected to form the nucleus of the operating management team of XO Communications Canada.