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PSINet to Acquire Metamor Worldwide

March 23, 2000|(Bloomberg News)

PSINet Inc., a provider of Internet access for businesses, agreed to buy Metamor Worldwide Inc. for about $1.65 billion in stock to gain software and Internet consulting services. The purchase gives PSINet a controlling interest in Metamor's Xpedior Inc., which advises firms about how to do business on the Net. Herndon, Va.-based PSINet will exchange 0.9 share for each Metamor share, valuing Metamor at $37.41 a share. In Nasdaq trading, Metamor jumped $17.33 to close at $33.33, Xpedior surged $7.69 to close at $22 and PSINet fell $7.94 to close at $41.56.

In a similar announcement in Europe on Wednesday, Pixelpark, the electronic-commerce unit of German media group Bertelsmann, agreed to buy Sweden's Cell Network and Mandator for about $2.3 billion in stock to form Europe's biggest Internet consultant. Mandator is in the process of merging with Cell in a stock-swap deal worth about $827 million. Pixelpark will own 57% of the new company.

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