Impsat Shareholders Approve Acquisition by Global Crossing


FLORHAM PARK, N.J., Jan. 17 -- Global Crossing Limited (NASDAQ:GLBC) today announced that the shareholders of Impsat (BULLETIN BOARD: IMFN.OB) have voted to approve its proposed acquisition for $9.32 in cash for each share of Impsat common stock. The proposed acquisition represents a total equity value of approximately $95 million and includes Global Crossing's assumption, refinancing and/or repayment of Impsat's debt, which was approximately $222 million as of September 30, 2006.

Following shareholder approval, outstanding requirements for consummation of the agreement include regulatory approvals and customary closing conditions. The acquisition is expected to be completed in the first quarter of 2007.

"This vote gets us one step closer to finalizing Global Crossing's acquisition of Impsat," said John Legere, Global Crossing's chief executive officer. "We look forward to completing this process and turning our full attention towards a quick and efficient integration of Impsat's resources and personnel with Global Crossing."

The acquisition of Impsat will accelerate Global Crossing's strategy to provide converged IP services to enterprises and carriers globally, in addition to enhancing the company's financials. As a leading Latin American provider of IP, hosting and value-added data solutions, Impsat will add approximately 4,700 customers to Global Crossing's ranks. Impsat's extensive IP-based intercity network, 15 metropolitan networks and 15 advanced hosting centers will provide a greater breadth of services and coverage to Global Crossing's Latin American operations. Impsat will also add scale to the company's regional presence and will enhance its competitive position as a global service provider to multinational enterprises and carrier customers.

ABOUT IMPSAT

Impsat is a leading provider of private telecommunications network and Internet services in Latin America, offering integrated data, voice, data center and Internet solutions. Impsat's networks consist of owned fiber-optic and wireless links, teleports, earth stations and leased satellite links. Impsat owns and operates 15 metropolitan area networks in some of the largest cities in Latin America and has 15 facilities to provide hosting services. Impsat currently provides services to more than 4,700 national and multinational clients, and has operations in Argentina, Colombia, Brazil, Venezuela, Ecuador, Chile, Peru and the United States.

ABOUT GLOBAL CROSSING

Global Crossing (NASDAQ:GLBC) provides telecommunications solutions over the world's first integrated global IP-based network. Its core network connects more than 300 cities in 29 countries worldwide, and delivers services to more than 600 cities in 60 countries and 6 continents around the globe. The company's global sales and support model matches the network footprint and, like the network, delivers a consistent customer experience worldwide.

Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive. The company offers a full range of managed data and voice products including Global Crossing IP VPN Service, Global Crossing Managed Solutions and Global Crossing VoIP services, to 36 percent of the Fortune 500, as well as 700 carriers, mobile operators and ISPs.

Please visit www.globalcrossing.com or blogs.globalcrossing.com/ for more information about Global Crossing.

CONTACT GLOBAL CROSSING:

Press Contacts
Becky Yeamans
+ 1 973 937 0155
PR@globalcrossing.com

Fernanda Marques
Latin America
+ 55 11 2123 4712
LatAmPR@globalcrossing.com

Analysts/Investors Contact
Laurinda Pang
+ 1 800 836 0342
glbc@globalcrossing.com

Source: Global Crossing Limited

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