June 5, 1997 9:30 AM PDT

Digex bought for $150 million

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Intermedia Communications (ICIX), a telecommunications provider for the Southeast, announced an agreement to purchase Internet service provider Digex (DIGX) for $150 million.

Intermedia offers a variety of telecommunications services, including long distance, leased lines, and Web-related outsourcing for corporations. Digex, based in Washington, D.C., has focused on providing Internet services for businesses, as well as Web site hosting and management.

The combined company will have more than 18,000 business and government customers, more than 1,500 employees, and annualized monthly revenue of more than $200 million.

The acquisition has already been approved by the board of directors for both firms. Intermedia will purchase all outstanding Digex stock for $13 per share.

 

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