NTT Com, the international and long distance service arm of NTT Corporation, will acquire 100% of Pacific Crossing's outstanding common shares. The largest of PCL's shareholders are funds managed by Strategic Value Partners.
Pacific Crossing's PC-1 network is the second-largest trans-Pacific subsea cable system, spanning 21,000 km and connecting the U.S. and Japan. The system has landings at Harbour Pointe, Washington (near Seattle); Grover Beach, California (between San Francisco and Los Angeles); Ajigaura, Japan (near Tokyo); and Shima, Japan (near Osaka and Nagoya). The network offers extensive backhaul into major U.S. and Japanese cities.
Pacific Crossing recently added Gigabit Ethernet access support for its carrier and ISP customers. Pacific Crossing's new service allows customers to access the PC-1 network using a standard Gigabit Ethernet interface at the company's four Points-of- Presences in the U.S. and cable landing stations in both the U.S. and Japan. For customers in Japan, Pacific Crossing also has the ability to offer access directly to a customer's premise through a domestic partner network.
NTT Com said it will combine its premier network assets in Japan and globally with the PC-1 network to provide enhanced connectivity between the United States, Japan and Asia NTT Com also plans to retain the Pacific Crossing management team, led by CEO Mark Simpson.
The Blackstone Group L.P. acted as the exclusive financial advisor to Pacific Crossing on the transaction, and Latham & Watkins LLP served as Pacific Crossing's legal advisor. Houlihan Lokey acted as the financial advisor to NTT Com and Squire, Sanders & Dempsey LLP served as NTT Com's legal advisor. Financial terms were not disclosed.
http://ww.ntt.co.jphttp://www.pc1.com
- In March 2008, Fujitsu and Pacific Crossing completed an upgrade project that more than doubles the capacity of the 21,000-kilometer PC-1 trans-Pacific fiber optic submarine cable network. The project, which began in September 2007, involved the installation of Fujitsu's FLASHWAVE S650 submarine wavelength divisional multiplexer equipment in Pacific Crossing's cable landing stations, and the upgrade of the overall capacity to 1.98Tbps, of which 1.01Tbps is available on the two Trans-Pacific segments. The six-month contract was completed without any disruption to existing network traffic.
- In January 2007, Pacific Crossing raised $50 million in new financing to pay off its remaining debt and finance new projects. The company also announced the appointment of Robert Boss as CEO and Robert Annunziata as Chairman. Boss previously was president of Japan Telecom America. Annunziata has served in a numerous executive positions throughout the telecom industry, including as CEO of Global Crossing during most of 1999.
- In January 2006, Pacific Crossing Ltd, Inc., a former subsidiary of Global Crossing and of the former Asia Global Crossing (now Asia Netcom), emerged from Chapter 11 bankruptcy proceedings. Over $650 million of existing debt was converted into equity and $25 million in secured debt.
