Financial terms were not disclosed.
PSINet said the purchase is aimed at expanding its position in the UK Internet access market. ITL is located in Jersey in the Channel Islands where PSINet said more than 3,000 new companies are incorporated each year.
Terms of the agreement include the purchase of 100% of ITL, which will be folded into PSINet’s UK operation. Also included under the acquisition are investment plans to support a Point of Presence (POP) in Jersey. PSINet recently boosted its profile by acquiring 22,000 miles of fiber-optic capacity.
“The acquisition presents an ideal opportunity for PSINet to
extend all of our services to the Jersey market,” said Valerie Holt, the
company’s managing director, in a statement. “Approximately #250 billion (USD400 billion) are on deposit in Jersey, and over the past thirty years Jersey has become a major financial centre for the UK and Europe.”
Robert Offley, sales director at PSINet UK, added: “All existing ITL customers will benefit from PSINet’s technically superior service and the advantage of being part of a global company with a worldwide infrastructure, over 400 points of presence, and a broad range of advanced business Internet services.”
Hendron, VA-based PSINet also holds subsidiaries in Canada, Japan,
Belgium, France, Germany, Italy, the Netherlands, and Switzerland.