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Platinum Equity to Acquire Covad Communications
10 29th, 2007In a not too unexpected announcement, Covad Communications has signed a definitive agreement to be acquired by Platinum Equity in an all-cash transaction valued at roughly $1.02/share.
In a letter to their customers:
Covad is very pleased to announce that Covad has entered into an agreement to be acquired by Platinum Equity. More information on this acquisition can be found in the press release, on the Covad website. Rest assured that the preservation and growth of Covad customers are priorities for both companies. It is our belief that this relationship will result in increased resources, contributing to long-term stability and investments in the business.
Platinum Equity has a history of acquiring innovative companies and nurturing them. Longer-term this will enable Covad to scale and grow alongside our customers.
The transaction is subject to the approval of Covad shareholders and customary closing conditions, including the approval of the Federal Communications Commission and state public utility commissions in many of the states where Covad does business. This transaction is expected to close by the end of the second quarter of 2008. You can expect that Covad will continue to offer you the same great solutions with superior customer support you have come to value. Additional information on this transaction can be viewed in the frequently asked questions prepared for you.
~geek
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