Time Warner Telecom Inc. on Tuesday closed on its $576 million purchase of Xspedius Communications LLC, the privately held CLEC based in Missouri.
The deal was announced July 27. Time Warner has said buying Xspedius expands its metro footprint to 75 markets.
Time Warner paid 18.3 million shares of its common stock in addition to $216 million in cash. It did not assume any debt in the transaction.
“We continue to believe in the value of the last mile connectivity to enterprise customers, and this acquisition further expands our network reach and market density, enhancing our ability to further fuel enterprise growth,” said Larissa Herda, chairman, CEO and president of Time Warner Telecom, in a statement. “We have been preparing for the integration of the two companies, and look forward to achieving the synergistic capabilities of the powerful combined fiber footprint and advanced network solutions created by the merger of both operations.”
Time Warner Telecom is headquartered in Littleton, Colo.
Time Warner Telecom Inc. www.twtelecom.com