VANCOUVER, B.C., Canada, Feb 21 -- 360networks announced plans to acquire NetRail Inc., a Tier 1 wholesale IP service provider, in an all-stock transaction. NetRail is an Atlanta-based independent provider of broadband services in the US. NetRail's leased backbone network spans 32,000 kilometers and includes more than 50 points of presence (POPs) nationwide. NetRail's customers include telecommunications companies, Internet service providers and application service providers.
    "This acquisition accelerates our entry into the IP services market due to NetRail's established peering arrangements with all other Tier 1 Internet backbones," said Greg Maffei, CEO of 360networks. "In addition, we will have access to a robust suite of IP products and services, more than 150 customers and an exceptional employee group with proven salespeople and experienced IP network engineers."
    The acquisition is subject to approval by NetRail shareholders and certain regulatory authorities. Pending approval, the acquisition will take place during the second quarter of this year.