RealTime IT News

Acquisition Brief

Vancouver, B.C.-based 360networks is acquiring NetRail Inc., an Atlanta-based broadband service provider and content distribution network. Financial terms of the all-stock acquisition were not made available.

Currently, NetRail has a 20,000-mile fiber optic network that services telecommunications companies and Internet service providers. 360networks provides fiber optic communications network products and services. Greg Maffei, president and CEO of 360networks, was previously employed as senior VP of finance and administration and CFO of Microsoft Corp.

The sale of NetRail is subject to approval by NetRail shareholders and regulatory authorities, but in a statement, 360networks says it expects the transaction to be completed sometime in the second quarter of this year.