Platinum Equity Expands Small Business Communications
Platinum Equity has acquired integrated voice and communications company, Covad Communications Group (AMEX:DVW). The acquisition was a public-to-private transaction, which is expected to expand Platinum's reach into the small and midsize business communications market.
Covad owns and operates the largest national broadband network, providing data, voice, and wireless telecommunications solutions for small and midsize businesses. The company supplies high-bandwidth access for service providers such as EarthLink, AT&T, and Verizon Business. Its services are available in 44 states.
"Covad has been an innovator since the day it became the first enterprise to commercially deploy DSL in the United States," Johnny O. Lopez, partner for Platinum Equity, said in a statement. "We have high expectations for the company's continued growth and market leadership."