NSGdata.com buys Nx Networks out of Bankruptcy
Boston, MA, Mar 12, 2002 – Nx Networks (NXWXQ) announced this week that nsgdata.com has acquired its business products and services operations following a competitive sale process. The nsgdata.com bid was accepted by the Company, approved by the U.S. Bankruptcy Court (Northern Virginia District), and the sale closed on March 8, 2002.
The Mirus Special Situations Group, a Boston advisory firm, was retained by Nx Networks’ after an earlier deal was turned down by the court. “Mirus was retained at the insistence of the Nx Networks Creditors Committee” said Jamie Grant, head of the Mirus Special Situations Group. “The creditors wanted to see a more robust process, and Mirus was retained to seek competitive interest for the assets. After marketing the business, we were successful in generating interest in the Company and completed an auction process in less than 30 days that more than doubled the value initially offered by NSGData.”
Nx’s objective was to maximize the value of the company for its stakeholders, and in a press release announced that the Company “is pleased that nsgdata.com plans to continue to support the products and services that Nx currently provides to its customers”.
About Nx Networks
Nx Networks provides Internet telephony solutions, including toll bypass, voice VPN, Internet access, and packet data solutions. Headquartered in Herndon, Virginia, USA, Nx Networks provides solutions to service providers, carriers, and enterprises worldwide. Additional information about Nx Networks can be found online at www.nxnetworks.com.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.Back to Transactions