EarthLink completes NewEdge buy
EarthLink has completed its acquisition of NewEdge Networks, the two companies announced late Thursday.
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EarthLink acquired 100 percent of New Edge Networks for 2.6 million shares of EarthLink common stock and $114.3 million in cash, some of which was used to pay New Edge liabilities.
New Edge will now operate as a business services arm of EarthLink, which plans to expand sales and marketing efforts of its new unit’s BigFoot broadband network, reaching 80% of U.S. businesses via DSL and remaining customers via leased lines.
EarthLink said it was required to offer stock options as inducement grants for New Edge employees and granted options to purchase up to 657,000 common shares of stock for that purpose for about 250 New Edge employees.
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