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In a stock swap valued at $1.36 billion, Metromedia Fiber Network Inc., which deals in optical networking, said it would buy SiteSmith Inc., a leading provider of management services involving Internet infrastructure. Metromedia, of White Plains, N.Y., is expanding in 51 US cities and is planning to build fiber-optic networks in 16 European cities, the Financial Times reported. SiteSmith is based in Santa Clara, Calif.Skip to next paragraph
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Announcement was expected as soon as today that the largest electric utility in Europe, Italy's Enel SpA, will pay $9.6 billion to plunge deeper into the telecommunications industry. Reports said Enel's directors were set to finalize the purchase of Infostrada, the No. 2 phone company in Italy, from British giant Vodafone AirTouch. The deal also calls for the assumption of about $1 billion in debt. Enel already owns majority interest in Wind Telecommunications, a money-losing land-line provider, which it may be planning to merge with Infostrada, the reports said.
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