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PSINet stakes out more network territory

The global ISP buys high-speed network capacity in the San Francisco Bay Area, in addition to three Web hosting firms in Hong Kong.

Global Internet service provider PSINet has purchased high-speed network capacity in the San Francisco Bay Area and has acquired three Web hosting firms in Hong Kong, continuing its international acquisition binge.

PSINet, which primarily serves business customers, bought so-called dark fiber from network capacity wholesaler MetroMedia Fiber Network. The network covers San Francisco, San Jose, and other Silicon Valley areas.

The fiber optic strands will be activated--or "lit up"--by the end of 1999, with full capacity expected by 2000.

The network purchase marks PSINet's sixth acquisition in California.

The company also purchased three ISP and web-hosting firms in Hong Kong, expanding its reach in the Asia-Pacific region. The acquisitions of SpiderNet, Huge Net, and AsiaNet add to PSINet's holdings in Japan and Korea.

Financial terms of the deals were not disclosed.

PSINet has ambitious plans to attain 100 percent annual revenue growth through its acquisitions. The company has been aggressive in its expansion efforts, making 17 acquisitions this year, 16 of which have been outside the United States.

The company, which owns its own Internet backbone facilities from Europe to the United States, also has subsidiaries in Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Korea, the Netherlands, Switzerland, and the United Kingdom.