GlobalCenter Gets Ready to Come Out — Again
- GlobalCenter scrapped its plans to go public back in the fall of 1997 when it was acquired by long-distance carrier Frontier
- “I think Global Crossing and GlobalCenter will perform better and function better side by side than one under the other,” said Leo Hindery. “You’ll probably see us do some transactions, trying to grow the business, all with the agenda of sometime in 2000 — not late in 2000, earlier than later — taking the company public.”
- It’s not clear what GlobalCenter would command on the open market, but analysts say Exodus provides a useful comparison. Exodus claims a market capitalization of more than $21 billion, compared to a $40 billion market cap for all of Global Crossing. (Not bad considering that Frontier bought GlobalCenter in an all-stock deal for just under $180 million.)
- If GlobalCenter is able to dress itself up over the coming months, an attractive property will be ready to make a stunning debut on a more public stage.