Universal Access Closes $16 Million Investment

Universal Access Global Holdings, a communications and network integrator based in Chicago, received a $16 million equity investment from CityNet Telecommunications, a carrier that has pioneered deployment of last-mile fiber optic networks through in-city sewer systems. Under the deal, CityNet has invested $16 million in cash in Universal Access. CityNet has also contributed fiber optic network assets in exchange for a 55% fully-diluted stake in Universal Access. CityNet originally funded $5 million of its total investment in April in the form of secured debt, which was repaid as part of this transaction.


Separately, Universal Access announced that Randall Lay has been appointed as CEO. Lay previously served as the company's COO.
http://www.universalaccess.nethttp://www.citynettelecom.com