Saying that it wants to reinforce its position in Japans growing Internet market and accelerate its strategy for reaching Japanese businesses seeking IP and data services, Cable & Wireless on Monday announced that it will acquire PSINet Japan.
PSINet Japan has several thousand business customers, with points of presence in several key Japanese cities, and a data center in Tokyo.
The total value of the transaction is 7.2 million British pounds. It must be approved by the bankruptcy court overseeing the Chapter-11 proceedings of PSINet Japans parent company, PSINet, which filed for bankruptcy in the spring of this year.
Cable & Wireless said it expects with the deal to more than double its IP-derived revenue in Japan.
In late November, Cable & Wireless announced that it would acquire most of the assets of troubled Exodus Communications, also in bankruptcy proceedings.