Cypress Communications Inc. has agreed to fork over $32 million for the assets of WorldCom Inc.'s shared tenant telecom services business, dubbed Advanced Building Networks.

The purchase, which includes all of Advanced Building Networks customer contacts, in-building networks, associated building rights and employees, is designed to expand Cypress's national footprint from seven to 25 major metropolitan U.S. markets, according to Cypress. The deal will increase its customer base from 2,500 to 8,500.

Advanced Building Networks, which was acquired by WorldCom in 2001 as part of its acquisition of Intermedia Communications, provides services to business customers in multi-tenant office buildings via a shared platform.

As part of the deal, Cypress has agreed to purchase $40 million in network and collocation services from WorldCom during the next three years.

WorldCom has been plagued by a slowdown in consumer spending, a lagging long-distance market and questions from the Securities and Exchange Commission about some of its accounting practices. The company's fourth-quarter profits dipped from $585 million, or 20 cents a share in Q4 2000 to $384 million, or 13 cents a share in Q4 2001. Last month, WorldCom was rumored to be exploring several restructuring options, including selling assets and reducing capital spending. The company recently announced plans to eliminate its tracking stock structure on July 12.

The acquisition, which is subject to regulatory reviews and certain closing conditions, is slated for completion in the second quarter.