Bridge Closes Planned Sale of SAVVIS Stock to Welsh, Carson, Anderson and Stowe for $24 Per Share.Business Editors NEW YORK--(BUSINESS WIRE)--March 21, 2000 Pre-IPO Agreement Executed at Expiration of Hart-Scott-Rodino Waiting Period Bridge Information Systems (BRIDGE(R)), the largest provider of financial information services See Information Systems. in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , announced the completion of the sale of 6,250,000 shares of SAVVIS (Nasdaq "SVVS SVVS Savvis, Inc (stock symbol) SVVS Surrey Vintage Vehicle Society (UK) SVVS Unix System V Verification Suite SVVS System V Verification Suite ") stock to Welsh, Carson, Anderson and Stowe for $24 per share. Pursuant to the agreement entered into on Feb. 7, completion of the sale was awaiting the termination of the standard waiting period required by the Hart-Scott-Rodino Antitrust Act Antitrust Act: see Clayton Antitrust Act; Sherman Antitrust Act. of 1976. Welsh Carson's purchase brings its ownership in SAVVIS from 10 percent to 16 percent. BRIDGE will use the $150 million in proceeds towards meeting its debt repayment of June 30, as outlined in the SAVVIS prospectus. BRIDGE's ownership in SAVVIS decreases from 56 percent to 49 percent. "BRIDGE's sale of SAVVIS stock was agreed prior to the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. of Feb. 15," said Thomas M. Wendel, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BRIDGE. "Welsh Carson continues to be our strongest investor partner and we were extremely pleased for them to take a higher equity investment in SAVVIS. SAVVIS has a unique market position, especially among the global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. vertical, which will enable it to be a leading business-to-business IP networking provider," continued Mr. Wendel. "Welsh Carson wanted to increase its ownership of SAVVIS, while maintaining a 38 percent ownership in BRIDGE. We believe that SAVVIS' advanced network gives it a substantial advantage in the evolution toward network-centric computing." About SAVVIS SAVVIS Communications (Nasdaq "SVVS") is a global internetworking services provider, supporting Internet and managed IP e-business solutions in 43 countries. Its Financial Xchange(TM) services platform connects to more than 4,500 financial institutions, including 75 of the top 100 worldwide banks and 45 of the top 50 brokerage firms. Via SAVVIS' ATM/IP backbone, customers can choose end-to-end Quality of Service levels for each discrete application, as well as bundled pricing on a per-site basis. SAVVIS' Internet access service is ranked superior in the industry, based on its PrivateNAP SM architecture. Keynote Systems, Inc., an independent ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. auditor, designated SAVVIS No. 1 or No. 2 for mean download time every quarter in 1999, and its packet loss is consistently ranked zero. SAVVIS offers Internet access from DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary up to OC-3, as well as security solutions, IP-VPNs, and Managed IP Solutions. The company provides excellent customer service, with 24x365 global monitoring from Network Operations Centers located in London, Singapore, and St. Louis, Mo. For more information on SAVVIS Communications, please visit www.savvis.net, call 1-800-SAVVIS-1 (1-800-728-8471), or email us at info@savvis.net. About BRIDGE BRIDGE, together with its principle operating units, Bridge Information Systems, Telerate, BridgeNews, and Bridge Trading, is the largest provider of financial information and related services in North America -- and one of the fastest growing in the world. BRIDGE information products include a wide range of workstations, market data feeds and web-browser-based applications, combined with comprehensive market data, in-depth news, powerful analytic tools and trading room integration systems. BridgeNews leverages a network of 600+ BRIDGE journalists in more than 100 locations that break news that affect securities markets globally. BRIDGE is the co-producer of the Nightly Business Report Nightly Business Report is a financial news television program that is broadcast live, weekday evenings on most of the public television stations in the United States. Frequently abbreviated to NBR, the show is produced by public television station WPBT-TV in Miami, Florida, and and is a leading provider of financial news and information to media companies worldwide. BRIDGE, with 5000+ employees worldwide, and over a quarter of a million users in over 65 countries, is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. with the BRIDGE Trading and Technology center in St. Louis, and major regional centers in Europe, the Middle East, Africa, and the Pacific Rim. For more information visit the BRIDGE web site at http://www.bridge.com. |
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