Metromedia Fiber Network completes merger with SiteSmith
The addition of SiteSmith will round out MFN's optical Internet infrastructure offering to include managed services.
MFN will now provide its customers with the first global end-to-end optical Internet infrastructure outsourcing solution that combines comprehensive managed services with unmetered, unshared fiber network connections at the local loop, Internet connectivity, co-location data centers and a globally connected fiber backbone network.
Additionally, SiteSmith's current customers will have access to MFN's planned network of 3.6 million fiber miles of infrastructure and nineteen data centers throughout North America and Europe. Offering worldwide, end-to-end optical networks, the combined company will bring high-bandwidth and mission-critical Internet communications to business customers, accelerating broadband reliability, security, scaleability and accessibility.
SiteSmith shareholders are entitled to receive approximately 62.5 million shares of MFN Class A common resulting in such holders owning approximately 9.0% of the fully diluted aggregate number of Class A and Class B shares of MFN.
"By completing this merger, we have further leveraged the value of our global optical IP infrastructure and managed services offering for customers worldwide," said Nick Tanzi, president and chief operating officer for Metromedia Fiber Network. "MFN plans to extend its leadership position in the market by combining fiber-optic infrastructure, world-class data centers, Internet connectivity and managed services."
Mark Spagnolo chairman and chief executive officer for SiteSmith added, "This merger creates an organization that is uniquely positioned to satisfy the full range of our customer's Internet needs, enabling the combined company to deliver a fully managed optical solutions to enterprises worldwide."
About Metromedia Fiber Network, Inc.
Metromedia Fiber Network, Inc., the leader in deployment of optical IP Internet infrastructure within key metropolitan areas domestically and internationally, is revolutionizing the fiber-optic industry. By offering virtually unlimited, unmetered metro-area communications capacity at a fixed cost, Metromedia Fiber Network is eliminating the bandwidth barrier and redefining the way broadband capacity is sold. MFN's optical network enables its customers to implement the latest data, video, Internet and multimedia applications.
In addition, through its subsidiaries AboveNet Communications, Inc., the architect of the Internet Service Exchange (ISX), and PAIX.net, Inc., the first and leading neutral Internet exchange, MFN is a leading provider of Internet connectivity and co-location solutions for high-bandwidth and business-critical applications. The Company offers a world-class network that provides co-location services and Internet connectivity for content providers, ISPs and application service providers.
Its global optical Internet uses open peering and "best exit" technology to deliver fast, scaleable and reliable connections to the Internet, and improves the Internet experience for end-users. For more information on AboveNet and its service offering visit the company's Web site at www.above.net. For more information about PAIX.net, Inc., visit the company's web site at www.paix.net. For more information about Metromedia Fiber Network, please visit the company's Web site at www.mmfn.com.