PSINet nets $277 million from sale of unit

PSINet, an Internet service provider that this week said it may seek bankruptcy protection, said it sold a unit to a group led by GTCR Golder Rauner for about $277 million in cash. The deal was originally announced last month.

The unit provides network services for credit card and automated-banking machines. An additional $10 million was placed in escrow to cover later adjustments, PSINet said in a statement. Company representatives weren't immediately available for comment. The proceeds may not give PSINet enough cash to meet its needs without at least one of the financial or strategic alternatives it's considering, it said without giving details.

The story "PSINet nets $277 million from sale of unit" published April 4, 2001 at 1:10 AM is no longer available on CNET News.

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