Covad Obtained Regulatory Approval for Proposed Acquisition

The Covad Communications Group Inc (AMEX: DVW), a leading national provider of integrated voice and data communications, announced on 26/3/2008 that it has obtained all of the required regulatory approvals for the proposed acquisition of Covad by an affiliate of Platinum Equity.

The approvals were provided by the Federal Communications Commission and a number of state public utility commissions.

 

At a Special Meeting of Stockholders, held 29/2/2008, holders of a majority of the companyis outstanding shares approved the agreement & plan of merger pursuant to which an affiliate of Platinum Equity will acquire all outstanding shares of Covad for $1.02 per share in cash.
The parties expect to close the transaction on 15/4/2008.

 

 

About Platinum Equity
The Platinum Equity is a global M&A&OAE firm specialized in the merger, acquisition and operation of companies that provide services and
solutions to customers in a broad range of business markets, including information technology, software, telecommunications, logistics, manufacturing,  metals services and distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum  Equity has completed more than 75 acquisitions with more than $23 billion in aggregate annual revenue at time of acquisition. WebSite: www.platinumequity.com. 

About Covad
Covad is a leading nationwide provider of integrated voice and data communications.
The company offers DSL, Voice Over IP, T1, broadband wireless, Web hosting,
managed security, IP and dial-up, and bundled voice and data services directly
through Covad's network and through Internet Service Providers, value-added
resellers, telecommunications carriers and affinity groups to small and medium-sized
businesses and home users. Covad broadband services are currently available across
the nation in 44 states and 235 Metropolitan Statistical Areas (MSAs) and can be
purchased by more than 57 million homes and businesses, which represent over 50
percent of all US homes and businesses. Web Site: www.covad.com.