Data Provider Becomes HSA-Been
By Mike Farrell -- Multichannel News, 3/3/2002 9:00:00 AM
Compared with the flameout of larger data-over-cable peer Excite@Home Corp. and those of countless other telecommunications providers over the past few years, High Speed Access Corp. moved into the history books quietly Thursday.
HSA -- which agreed to sell its high-speed-data-provisioning assets to Charter Communications Inc. last September for $81.1 million in cash -- closed the deal Thursday with a shareholders' vote and an exchange of signatures in a New York law office.
Charter agreed to retire about $75 million in series-D preferred stock, and HSA agreed to buy back 20.2 million of its shares owned by affiliate Vulcan Ventures Inc. for 22 cents each, or about $4.4 million.
HSA CEO Dan O'Brien said the company would end up with $40 million to $60 million in cash when the dust settles.
In addition to Charter, HSA provided service to about 57 MSOs in small systems across the country.
Those MSOs shifted to other providers in November.
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