Platinum Equity has completed the acquisition of Covad Communications Group on april 15th. The total value of the transaction is approximately $470 million. The acquisition was a public-to-private transaction in which an affiliate of Platinum Equity acquired all outstanding shares of Covad stock for $1.02 per share in cash. The company previously traded on the American Stock Exchange under the ticker symbol DVW.
“Covad has been an innovator since the day it became the first enterprise to commercially deploy DSL in the United States,” said Johnny O. Lopez, partner for Platinum Equity. “We have high expectations for the company’s continued growth and market leadership.”
The companies announced the planned acquisition in October 2007 and have spent the last several months obtaining the required regulatory and stockholder approvals. Covad owns and operates the largest national broadband network and is the only national facilities-based provider of data, voice, and wireless telecommunications solutions for small and medium-sized businesses. Covad is also a key supplier of high-bandwidth access for telecommunications services providers like EarthLink, AT&T, and Verizon Business. Covad services are currently available in 44 states and 235 major markets and can be purchased by more than 57 million homes and businesses.
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