M&A Deal Summary

Global Crossing Acquires IXnet

On February 22, 2000, Global Crossing acquired communications company IXnet from Court Square Capital Partners for 3.8B USD

Acquisition Highlights
  • This is Global Crossing’s 2nd transaction in the Communications sector.
  • This is Global Crossing’s largest (disclosed) transaction.
  • This is Global Crossing’s 2nd transaction in the United States.
  • This is Global Crossing’s 1st transaction in New York.

M&A Deal Summary

Date 2000-02-22
Target IXnet
Sector Communications
Buyer(s) Global Crossing
Sellers(s) Court Square Capital Partners
Deal Type Add-on Acquisition
Deal Value 3.8B USD

Target

IXnet

New York, New York, United States
IXnet, Inc. delivers a high-performance global extranet to the financial services community.

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Buyer(S) 1

Buyer

Global Crossing

Hamilton, Bermuda

Category Company
Founded 1997
Sector Communications
DESCRIPTION

Global Crossing is a global IP, Ethernet, data center and video solutions provider with the world's first integrated global IP-based network. The company offers a full range of data, voice, collaboration, broadcast and media services delivered with superior customer service. Global Crossing provides services to enterprises; government departments and agencies; and 700 carriers, mobile operators and ISPs. It delivers converged IP services to more than 700 cities in more than 70 countries, and has 17 world-class data centers in major business centers around the globe.


DEAL STATS #
Overall 2 of 5
Sector (Communications) 2 of 5
Type (Add-on Acquisition) 2 of 5
State (New York) 1 of 2
Country (United States) 2 of 3
Year (2000) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-01-26 Neptune Communications

Kenner, Louisiana, United States

Neptune Communications Corporation was engaged in the development, operation and maintenance of submarine fiber optic cable facilities.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-11 Fibernet Group

Basingstoke, United Kingdom

Fibernet provides its services from a national fiber network in the UK and also from its metropolitan networks in London, Bristol, Birmingham, Edinburgh, Frankfurt, Glasgow, Leeds, Manchester and Reading. The company has more than 100 points of presence in the UK and an additional 12 in Frankfurt, Germany.

Buy $95M

Seller(S) 1

SELLER

Court Square Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 7.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Court Square Capital Partners (CSCP) is a generalist private equity firm that seeks middle market company investments across the US. CSCP looks to partner with management teams to accelerate revenue growth and improve operating efficiency. Sectors of interest include business services, building products, chemicals, consumer products, food products/services, healthcare, aerospace/defense, manufacturing, media, technology, telecommunications, and transportation. Court Square Capital Partners was formerly known as Citigroup Venture Capital Equity Partners. The Group spun out of Citigroup and became independent in 2006. CSCP is based in New York City.


DEAL STATS #
Overall 4 of 56
Sector (Communications) 1 of 3
Type (Add-on Acquisition) 3 of 25
State (New York) 1 of 6
Country (United States) 3 of 53
Year (2000) 2 of 4
Size (of disclosed) 1 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 Seat Pagine Gialle

Milano, Italy

Seat Pagine Gialle is a European directory advertising, web marketing services, and business information group, based in Italy, with significant activities in Germany and the UK.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2000-11-09 Dura Pharmaceuticals

San Diego, California, United States

Dura Pharmaceuticals, Inc. engages in the development, marketing, and sale of prescription pharmaceutical products for the treatment of allergies.

Sell $1.8B