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Short Take: Teleport buys CERFnet

Teleport Communications Group (TCGI), a competitive local telephone company active in 57 metro areas, acquired business-oriented ISP CERFnet Services for $68 million in stock. TCG will buy CERFnet from General Atomics for 2.1 million shares. San Diego-based CERFnet serves more than 6,000 corporate and professional customers. TCG will bundle CERFnet's high-speed Internet access with its own telecommunications services.