Global Crossing to Sell IPC Trading to Goldman-led Group

Global Crossing to Sell IPC Trading to Goldman-led Group

Written By
Matt Carolan
Matt Carolan
Nov 19, 2001
1 minute read
eWeek content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More

Struggling telecommunications company Global Crossing announced Monday that it will sell its IPC Trading Systems unit to an investment group led by Goldman Sachs Capital Partners 2000 for $360 million in cash.

Originally acquired in June 2000 by Global Crossing as part of the acquisition of IXNet, IPC Trading Systems provides desktop trading systems to the financial community.

IPC will operate as an independent company with headquarters in New York.

“The divestiture of IPC, as well as other non-core assets such as Global Marine Systems, will strengthen our focus on becoming one of the worlds leading telecommunications service providers, and at the same time improve our companys cash position,” said, John Legere, chief executive officer of Global Crossing, in a prepared statement.

Just last week, Global Crossing announced it was laying off 700 employees.

Global Crossing will also enter into a six-year agreement to be the preferred provider for IPC, and will continue to partner with IPC to provide service to financial institutions.

The deal is expected to close at the end of the year.

Global Crossing stock was up 0.13 to 1.37 in early trading Monday.

eWeek Logo

eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site's focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

Property of TechnologyAdvice. © 2026 TechnologyAdvice. All Rights Reserved

Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.