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Covad buys LaserLink.net
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March 9, 2000: 8:04 a.m. ET
Deal worth $387M lets high-speed Internet provider offer new services
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NEW YORK (CNNfn) - Broadband Internet service provider Covad Communications is buying LaserLink.net in a deal worth $387 million in stock and assumed debt.
Privately held LaserLink, of Media, Pa., provides branded Internet access, which lets companies offer Internet access to their customers with a service branded with the company's name.
LaserLink.net currently serves such markets as personal computer makers, financial services, education, entertainment, sports, religious affiliations, affinity organizations, multi-level marketing groups and Internet service providers (ISPs).
Covad is a leading provider of digital subscriber lines, a high speed Internet service also known as DSL.
Covad also announced contracts with ISPs such as Juno, Prodigy and 1stUp.Com to allow their customers high-speed Internet access using Covad's DSL service, rather than their traditional phone dial-in service. The value of the outsource agreements with the ISPs was not available.
The high-speed service will be available immediately to customers of the ISPs in San Francisco, Chicago and New York, and will be available throughout Covad's network by August.
"Covad is helping Prodigy provide seamless nationwide DSL solutions to its customers," said Bill Kirkner, Prodigy's chief technology officer, in a statement released by Covad.
Shares of Covad rose 1-3/4 to 92 in after-hours trading Wednesday, after losing 1-9/16 in regular trading. 
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Covad
LaserLink.net
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