By Graham Hayday, 10 December 2002 11:15
NEWS PSINet Europe has bought up some of the German business interests of internet service provider Cybernet Internet-Dienstleistungen AG. The deal will see PSINet take on most of Cybernet's 3,000 customers and some staff, and will provide the company with three additional points of presence in Germany and another data centre in Munich to complement its existing operation in Berlin. The acquistion comes just a few months after PSINet Europe was itself acquired after its US parent company went into Chapter 11. PSINet announced the $9.5m sale of PSINet Europe BV and its subsidiaries to a group of investors led by Israel Corp in April this year. Richard Williams, CEO of PSINet Europe, said: "Our ambition is to become the dominant independent network and hosting infrastructure supplier in Europe, and to achieve this we have implemented a strategy of targeted investment in companies that either add to our customer base or extend our service capabilities. Cybernet is the first of many acquisitions that will allow us to grow in size and stability." He added: "It is only 14 weeks since PSINet Europe itself was acquired, so we are well aware of both the opportunities and the challenges that acquisition can present. We will be managing the transition very carefully to ensure that it is as smooth as possible, and causes the least disruption to Cybernet's existing customers and staff." The financial terms of the deal were not disclosed.
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