December 31, 2002 — (WEB HOST INDUSTRY REVIEW) — Broadband communications service provider DSL.net (DSL.net) announced on Monday that it has received court approval for its bid to acquire the network assets and associated subscriber lines of Network Access Solutions Corporation (NAS).
The approval, says DSL.net, came following a hearing before the US Bankruptcy Court for the District of Delaware. NAS filed a voluntary petition for Chapter 11 reorganization in June of 2002.
According to DSL.net’s approved bid, the purchase price for the company will be $14 million, including $9 million in cash and a $5 million note. The deal is expected to close at about the middle of January 2003, if conditions are satisfied.
