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March 30, 2010

Covad, MegaPath sign merger agreement

To combine IP broadband footprint with suite of managed services

By CBR Staff Writer

Covad Communications Company, a provider of IP broadband services, and MegaPath, a provider of managed IP data, voice and security services in North America, have signed an agreement to combine their operations.

The combined businesses will strengthen their ethernet, DSL and T1 footprint in North America and be the only MSLEC capable of providing a range of internet, voice, security and VPN services nationwide. The combined businesses will be owned by Platinum and MegaPath investors.

Covad offers IP broadband services in more than 4,400 central offices nationwide through its commercial and wholesale distribution channels. Its wholesale partners include providers such as AT&T, Verizon Business and Sprint.

MegaPath delivers value-added communication services, including hosted VoIP, managed security, MPLS VPNs for connecting multiple sites and SSL VPNs for connecting remote users and business partners.

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Craig Young, CEO of MegaPath and the new executive chairman of the combined businesses, said: “This transaction brings together two industry leaders who will focus on expanding service offerings and distribution channels to further our leadership positions in the SMB, enterprise and wholesale markets.

“By leveraging the strengths of each company, we will provide customers and partners with expanded expertise, broader innovative services and a powerful network that simplifies the way they communicate and conduct business online.”

The transaction is subject to federal and state regulatory approvals and is expected to close by the end of Q3 2010.

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