Tom Casey, Chief Executive Officer of Global Crossing, said, We believe we will receive, after taxes, over $3 billion in cash from the sale of our ILEC business, further strengthening Global Crossing’s already solid financial position. At a time when many of our competitors have cut back their network builds due to capital constraints, our core network is finished and our business is fully funded. Our worldwide network which we designed, built and operate as one seamless system provides customers with the fastest, highest quality, most secure and lowest cost managed broadband services in the industry, and we are keenly focused on leveraging this unique asset to deliver value to our customers and shareholders.
The transaction involved the sale of approximately 1.1 million telephone access lines for $3.5 billion in cash, subject to certain customary post-closing adjustments.
