360networks has agreed to acquire Dynegy’s North American communications business, which includes a network spanning more than 16,000 route miles and access points in 44 U.S. cities. 360networks will assume Dynegy’s existing customer base of 65 wholesale customers, its remaining fiber leases and its co-location facilities. The companies expect the transaction to close in April 2003, pending regulatory and other approvals. Financial terms were not disclosed. Dynegy said that the sale represents the final step in its exit from communications, a business that it entered in August 2000. Dynegy Inc. owns operating divisions engaged in power generation, natural gas liquids and regulated energy delivery.
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- In July 2002, Dynegy wrote-off its investment in the communications business with a charge of $212 million to its Dynegy Global Communications division.
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In January 2003, Dynegy sold its European communications business to a division of Klesch & Company.
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The Dynegy backbone uses Tellium’s optical switches and Fujitsu’s top-of-the-line DWDM platform.
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360networks emerged from Chapter 11 protection in the US and CCAA protection in Canada in November 2002. The company’s optical mesh fiber network currently spans 33,000 miles (53,000 kilometers) and reaches 60 major cities in Canada and the United States.