Wednesday, October 5, 2005
Integrated voice and data communications supplier Covad Communications Group Inc. has agreed to acquire NextWeb, Inc., a fixed-wireless Internet provider, for $24.7 million in cash and stock.
NextWeb (Fremont, Calif.) utilizes licensed and unlicensed wireless technology to deliver broadband service to small and medium business at speeds up to 100 megabits per second. The service is presently available to more than 200,000 business locations in more than 175 cities throughout California and Nevada.
"Our acquisition of NextWeb accelerates Covad's entry into the emerging wireless broadband market and addresses our key strategic initiative to take control of our destiny," said Charles Hoffman, Covad president and chief executive, in a statement. "NextWeb expands our service area and offers us new, higher-speed broadband services than Covad can currently offer, and provides an alternative to the last-mile copper for delivering data and voice services to business customers."
Covad (San Jose, Calif.) owns and operates a nationwide facilities-based DSL broadband network in the U.S. covering more than 50 percent of homes and businesses.
Graham Barnes will continue to run NextWeb's wireless operations in the position of senior vice president and general manager.
By: DocMemory
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