Global Crossing completes sale of IPC Trading Systems units for $360 million - Business - to investment group headed by Goldman Sachs Capital Partners 2000 - Brief Article

Fiber Optics Business, Jan 31, 2002

Global Crossing Ltd. announced that it has completed the sale of its IPC Trading System units to an investment group led by Goldman Sachs Capital Partners 2000 (GSCP), an affiliate of The Goldman Sachs Group Inc., for $360 million in cash. IPC Trading Systems is a provider of sophisticated desktop trading systems to the global financial community.

As part of the transaction, Asia Global Crossing is divesting the Asia-Pacific assets and operations of IPC Trading Systems, which it acquired as part of the acquisition of IXnet Asia from parent Global Crossing in July 2001, for $22.5 million of the total proceeds.

Global Crossing and Asia Global Crossing have also entered into a six-year Network Agreement that will establish the companies as the preferred providers for all IPC's Telecommunications needs. IPC will operate as an independent company with headquarters in New York and operations in all major financial centers around the world.