Metromedia Fiber Network acquires SiteSmith
Metromedia Fiber Network (MFN) has agreed to buy SiteSmith, an Internet infrastructure management services company, in an all-stock deal valued at close to $1.36 billion.
Under the terms of the deal, SiteSmith shareholders will receive between 55 million and 62.5 million shares of Metromedia, depending on the share price of Metromedia stock over a period of time prior to the closing.
With this acquisition, MFN will provide its customers with global end-to-end optical Internet infrastructure outsourcing. SiteSmith provides its customers with Internet infrastructure management that includes design and architecture, hardware and software installation, co-location and network connectivity, and ongoing management.