American Fiber Systems to Acquire Marietta
Fibernet Fiber Optic Business.
Privately held American Fiber Systems, Inc.
announced today the execution of an exclusive Memorandum of
Understanding to purchase the operating assets of Marietta
FiberNet (MFN), a fiber optic transport business based in
Marietta, Georgia. MFN is a wholly owned subsidiary of the
Marietta Board of Lights and Water, the municipal operating
company that supplies utilities to the city of Marietta, Georgia
and surrounding areas.
The MFN acquisition should provide operational
synergies and a growing source of revenue for AFS. The $12.2
million cash purchase of MFN is expected to close by June 30,
2004.
"The MFN unique fiber optic network is highly
complementary with the AFS strategy of owning core metropolitan
fiber optic assets and leveraging those assets through
facilities based competition as envisioned under the
Communications Act of 1996. Operationally MFN will help AFS
operate more efficiently resulting in added value for our
shareholders and customers," said Dave Rusin, AFS President &
CEO. "This investment also advances AFS' unique metropolitan
fiber optic facilities asset strategy and affirms our commitment
to actively pursue growth opportunities through acquisitions."
MFN's fiber optic network spans 450 route miles
covering Cobb County, Fulton County, Atlanta, and Norcross.
Marietta FiberNet's reach encompasses many major business areas.
Marietta FiberNet is a full service Competitive
Local Exchange Carrier or CLEC offering voice, data and Internet
services to business clients in the north metro Atlanta area.
MFN was the first Municipal owned telecom operation to be
certified in the State of Georgia. The MFN footprint supports an
addressable market of over $4 billion in annual
telecommunications services.
