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Bruce Sullivan, [email protected]
AT&T (T) plucked the smoldering carcass of NorthPoint Communications from the bankruptcy heap Thursday for a paltry $135 million. It seems like only yesterday NorthPoint was going to be acquired by Verizon (VZ) for $800 million.
AT&T said in a statement that it has signed an agreement in the United States Bankruptcy Court to acquire "substantially all" of NorthPoint's assets for approximately $135 million. The deal is expected to be completed in 60 days.
AT&T got itself quite a bargain, say some analysts. For a fraction of NorthPoint's former book value, AT&T gets a boost into the high-speed Internet market, where it has...