Qwest closes OnFiber buy
- By Roseanne Gerin
- Sep 05, 2006
Qwest Communications International Inc. completed its purchase of OnFiber Communications Inc., a provider of fiber-optic telecom services, for $107 million in cash.
Qwest of Denver originally announced its intention to buy the privately owned company in May. The acquisition gives Qwest additional network facilities from which to deliver services to businesses and government agencies in 23 metropolitan areas outside of its territory of 14 states and local service.
Qwest bought OnFiber to enhance its national presence and accelerate its growth of key products, such as Ethernet, Tom Richards, executive vice president for Qwest's business markets group, said in a statement.
Qwest has about 39,000 employees and reported 2005 revenue of about $13.9 billion with a net loss of $779 million. The company ranks No. 41
on Washington Technology's 2006 Top 100
list of the largest federal IT contractors.