US LEC, a regional telecommunications provider, has received approval to acquire FastNet Corp., a data services provider, from the United States Bankruptcy Court for the Eastern District of Pennsylvania. The integrated communications provider plans to buy FastNet for roughly $8.5 million.
This will add $24 million in annual revenue to US LEC, which paid $6 million in cash, $1 million worth of stock, assumption of some liabilities and a $1.5 million note.
Assets include the broadband and dial-up Internet access, colocation, and managed hosting business units of FastNet; and two data centers in eastern Pennsylvania. US LEC will gain nearly 2,100 business customers with dedicated Internet or data center services, as well as an additional 26,000 shared Web hosting and dial-up Internet customers.
US LEC plans to keep the offices, data centers and most of the staff in place. FastNet employs 117 people, including 85 at its headquarters in Hanover Township, Northampton County.
