Thursday, February 28, 2008

Covad Shareholders Approve Buyout by Platinum Equity

Shareholders in Covad Communications holding a majority of the company's outstanding shares approved Covad's acquisition by an affiliate of Platinum Equity for $1.02 per share in cash. The deal remains subject to the satisfaction of customary closing conditions, including approval of the Federal Communications Commission and state public utility commissions in many of the states in which Covad operates. Covad confirmed that the required FCC and state commission filings have been completed and that it is awaiting approval from the FCC and two remaining state commissions. The approvals are expected within the next 30 to 60 days.

The deal was first announced in October 2007.