Craig Young, Chairman and CEO of MegaPath noted, “for too long in the telecommunications industry, customer service and reliability have taken a back seat. With the combination of MegaPath, Covad and Speakeasy, we are bringing to market a leading nationwide IP network to deliver a complete line of end-to-end managed services, including voice, data and security. Small, medium and large enterprises will now benefit from a new service provider that is willing to invest in advanced services, while remaining heavily focused on customer service.” Let’s take this a step further. MegaPath operates one of the largest end-to-end communications networks in the country.
Moving forward, MegaPath will serve the communications market through two divisions: a wholesale operating division, and a direct, business markets division. This combination is powerful because we can provide customers and partners with complete voice, access, private networking, and managed security solutions for business customers of all sizes.
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.
The Federal Communications Commission today addressed petitions for forbearance filed by the Verizon Telephone Companies, which sought certain forbearance relief in the Boston, New York, Philadelphia, Pittsburgh, Providence and Virginia Beach Metropolitan Statistical Areas, or MSAs.
FCC Statement: The Commission found that the current evidence of competition does not satisfy the section 10 forbearance standard with respect to any of the forbearance Verizon requests.
Covad Communications Group, Inc. (AMEX: DVW) announced its third quarter of 2007 financial results, including $121.9 million in net revenues, $10.3 million in A-EBITDA and a net loss of $4.9 million, or a $0.02 loss per share.
Update: see Covad Megapath Merger
Covad Communications Group Inc., (AMEX: DVW), a leading national provider of integrated voice and data communications, today announced that it has signed a definitive agreement to be acquired by Platinum Equity in an all-cash transaction.
Under the terms of the agreement, which was unanimously approved by Covad