GTE Corp. to acquire Genuity, Inc.
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IRVING, Texas - GTE Internetworking, a subsidiary of GTE Corp., today announced that it will acquire Genuity Inc., a subsidiary of Bechtel Enterprises. The terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions, including the expiration of applicable waiting periods under the Hart-Scott-Rodino Act. The acquisition will be completed through GTE Internetworking's affiliate, BBN Corporation. It is anticipated that the transaction will be completed by the end of the year.
GTE Internetworking, already a leading provider of Web hosting, is pursuing its strategy of enabling customers to transfer their business applications to the Internet. Moving mission-critical business processes to the Web allows customers to broaden market reach, lower the cost of sales, distribution, and support, and transform the relationships between companies and their customers.
GTE Internetworking has more than a thousand Web hosting customers, including some of the busiest sites on the Web--ZD.Net, Four11, LA Times, Boston Globe, Tribune Corporation, and NBC Interactive. The combination of GTE Internetworking with Genuity will provide an expanded global footprint with 12 fully networked data centers, creating an organization with an unprecedented ability to provide distributed Web hosting services.
Genuity is a value-added provider of distributed application hosting solutions. Genuity has strategically located data centers and a sophisticated load-balancing technology, Hopscotch, which together ensure efficient delivery of data across the Internet. Genuity's unique Hopscotch technology helps solve busy server problems, network congestion, and Internet latency to deliver the highest levels of performance. Its customers include cnet, CMP Publications, Inc., Excite, InterTel, and MCA/Universal.
"With this acquisition we continue to build the critical set of assets necessary to advance our position as a trusted provider of the enabling infrastructure for Internet commerce. We are combining our high-speed national backbone with global reach, robust public and private peering relationships, advanced hosting and distributed application management with our security and systems integration expertise to enable customers to migrate mission critical applications and business processes to the network," said George H. Conrades, president of GTE Internetworking.
"Genuity's network technology, and most importantly, its people, are what give us the competitive advantage," said T. Geir Ramleth, president and CEO of Genuity. "The integration of our robust hosting infrastructure and powerful Hopscotch technology with GTE Internetworking's extensive resources will create a synergistic union. And our similar cultures and vision for the future provide a unique opportunity for customers looking to transform their businesses using Internet technology."
"Genuity's robust distributed application hosting architecture will be instrumental to GTE Internetworking as we continue to focus on delivery of the most advanced distributed network-centric solutions," said Mark Shull, vice president and general manager of GTE Internetworking's Network Centric Solutions group. "This combination allows us to build on our existing base of technology and expertise to provide Internet infrastructure services for electronic commerce."
Genuity is a subsidiary of Bechtel Enterprises, the development, financing and ownership affiliate of the Bechtel organization. Genuity is a value-added provider of distributed application hosting, access and security technologies that provide cost-effective, scaleable and highly reliable Internet infrastructure for commercial applications. With headquarters in San Francisco, Genuity also has data centers established in Chicago, Los Angeles, New York, Phoenix, San Jose, Washington, D.C. and London. Genuity is the creator of Hopscotch, a service allowing organizations to ensure the accessibility and performance of their mission-critical Internet sites by eliminating DNS look-up failures and solving Internet latency problems. For more information, please call 1-888-Genuity, or visit the company's World Wide Web site located at Genuity
About Bechtel Enterprises
Bechtel Enterprises, Inc. is the development, financing and ownership affiliate of the Bechtel organization, a premier global engineer - constructor. It is a leader in the privatized infrastructure market, with ownership interests in 9 companies and 29 projects in the power, water, transportation, telecommunications, and technology sectors. Since 1990 alone, Bechtel Enterprises has participated in arranging nearly $12 billion in project financing. For more information about Bechtel please visit the company's World Wide Web site at Bechtel
About GTE Internetworking
GTE Internetworking, a unit of GTE Corporation (NYSE:GTE), includes the recently acquired BBN Corporation, which 28 years ago developed the ARPANET, the forerunner to today's Internet, and GTE Intelligent Network Services, which provides Internet services to consumers and small businesses.
GTE Internetworking offers customers, from consumers to Fortune 500 companies, a full spectrum of Internet services and solutions including dial-up and dedicated Internet access, end-to-end network management, high-performance distributed hosting and applications solutions, managed security, and systems integration, for customers migrating their mission-critical business applications to the Internet. GTE Internetworking draws upon BBN's expertise in funded research and development of advanced technologies, including satellites, digital radio, multi-gigabit routers, security, and speech, and GTE's strong existing telecommunications services, including local and long distance, wireless, paging, video, research, and Internet. The address for the GTE Internetworking's home page is www.bbn.com.