Mintz Levin Serves as Counsel to Corvis Corporation in Its Acquisition of Focal Communications
9/24/2004
Reston, VA ? Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC announced that it served as counsel to Corvis Corporation (Nasdaq: CORV), parent company of Broadwing Communications, LLC, in its acquisition of Focal Communications Corporation, a Chicago-based competitive local exchange carrier. The acquisition will expand the company's customer base, network reach, and portfolio of voice, data and video network services.
Corvis acquired Focal for a total consideration of approximately $189 million, comprised of approximately $88 million in equity that was issued to Focal's existing equity holders and the assumption or payment of approximately $101 million of Focal's debt and other long-term capital lease obligations. For fiscal 2003, Focal reported approximately $320 million in revenue.
After regulatory requirements have been satisfied and all regulatory approvals have been received, the combined Broadwing/Focal communications services networking business will operate in the marketplace under the name of Broadwing Communications, LLC. With the close of the Focal acquisition, Broadwing will gain approximately 4,000 enterprise and wholesale customers in 23 Tier-One markets throughout the United States.
Scott Meza and David Fuentes, attorneys in the Business and Finance Section of Mintz Levin's Reston office, represented Corvis Corporation in the acquisition.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC is a multidisciplinary law firm with over 450 attorneys and senior professionals in Boston, Washington D.C., Reston, VA, New York, New Haven, CT, Los Angeles and London.
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