Time Warner to Gain Controlling Interest in GST Assets for $690 Million

VANCOUVER, Wash., Aug. 28 -- Time Warner Telecom Inc. has agreed to purchase nearly all of GST Telecommunication's assets for $690 million. The deal does not include a majority of GST's Hawaii assets and residual cash balances. The deal involves cash and assumption of certain debts.
The agreement is subject to the fulfillment of a definitive purchase agreement, as well as other customary conditions, including the approval of the US Bankruptcy Court for the District of Delaware.
This agreement complements our aggressive expansion plans to introduce robust broadband products and solutions to business customers in additional US markets, said Larissa Herda, Time Warner Telecom's president and CEO. We look forward to the synergies and opportunities this agreement offers to customers, employees and shareholders.