IRVINE, Calif., May 30, 2000 (PRIMEZONE) -- IBC reported today that InterNAP Network Services (Nasdaq:INAP), an Internet connectivity provider, signed a definitive agreement to acquire CO Space, a leading co-location service provider. The acquisition will give InterNAP the ability to accelerate the delivery of its IP connectivity service to customers with co-location requirements.
Terms of the agreement call for InterNAP common stock, with an aggregate value of approximately $244 million, to be exchanged for all outstanding shares and rights to acquire shares of CO Space's capital stock. The number of shares to be issued is subject to a "collar" with a maximum of 8.8 million shares of InterNAP common stock and a minimum of 7.2 million shares to be issued for CO Space. The acquisition, which was approved by the boards of directors of both companies and is expected to close by the end of the third quarter of 2000, is subject to certain closing conditions, including approval by CO Space's stockholders and approval under the Hart-Scott-Rodino Antitrust Improvements Act.
Lucent Technologies (NYSE:LU) is negotiating a possible acquisition of privately held optical networking company Chromatis Networks, for roughly $5 billion in stock, reported in The Wall Street Journal.
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