360networks being acquired by Zayo
Seattle-based 360networks, a wholesaler of access to fiber-optic broadband infrastructure, is being acquired by Colorado-based Zayo Networks, another company in the fiber business. Terms of the deal weren't disclosed.
Seattle-based 360networks, a wholesaler of access to fiber-optic broadband infrastructure, is being acquired by Zayo Networks, another company in the fiber business.
Financial terms of the deal were not disclosed.
360networks was among the high-flying telecommunications companies that emerged in the Internet boom more than a decade ago with ambitious plans for deploying advanced online technologies. But as its debt load mounted, the company filed for bankruptcy protection in 2001. It moved out of bankruptcy more than a year later and today has a fiber backbone network that covers about 18,500 miles, connecting more than 70 markets mostly west of the Mississippi River and in British Columbia.
Zayo, based in Louisville, Colo., operates a national fiber-network that serves wireline and wireless carriers, data centers, Internet companies, government agencies and others.
"The combination with 360networks marks a new chapter for Zayo, one in which we emerge as a national provider of bandwidth infrastructure service," said Dan Caruso, Zayo president and chief executive.
360networks has 150 employees, about 20 in Seattle. It's too soon to tell how an acquisition might affect the company's operations, a spokesman said.
"The employees of 360networks are doing a fantastic job in growing their business," Caruso said. "They will be an integral part of the combined company."
Zayo reported sales of $77.8 million and a profit of $11 million in its fiscal fourth quarter ended June 30.
360networks is privately held. Its chairman is Greg Maffei, who also was its chief executive from 2000 to 2005. Maffei is a former chief financial officer of Microsoft.
Material from Seattle Times archives is included in this report.