COMPANY PRESS RELEASE: Exodus Communications, a world leader in Internet outsourcing,has announced that the U.S. Bankruptcy Court for the District of Delaware has approved the definitive sale agreement under which Exodus will sell a substantial portion of its business and assets to Cable and Wireless plc, the global telecommunications group.
Under the agreement, announced November 30, 2001, Cable & Wireless, and certain of its wholly-owned subsidiaries have agreed to acquire substantially all of Exodus’ assets and businesses, including customer contracts, employees, selected corporate and Internet Data Centers (IDC) and related assets, intellectual property, including the Exodus brand, and other resources required to support customers and grow the business.
Exodus and Cable & Wireless expect to close the sale and purchase of the U.S. based assets covered by the agreement in late January or early February 2002. Pursuant to separate sale and purchase agreements currently being negotiated, Exodus expects to sell to Cable & Wireless and its subsidiaries certain international assets located in the United Kingdom and Germany and a subsidiary located in Japan. Completion of the transactions is subject to satisfactory completion of customary closing conditions.