9. Description (Summarize the nature of the application.)
On October 25, 2006, Global Crossing Limited (GCL), GC Crystal Acquisition, Inc. (GC Crystal Acquisition), a newly established Delaware corporation and an indirect wholly owned subsidiary of GCL, and Impsat Fiber Networks, Inc. (Impsat) entered into an agreement and plan of merger (Merger Agreement). Consistent with the Merger Agreement, U.K. Holdco 2, a company to be established under United Kingdom law that will be the direct parent of GC Crystal Acquisition and an indirect, wholly owned subsidiary of GCL, will acquire, in exchange for cash and the assumption, refinance, and/or repayment of debt, all of the issued and outstanding shares of common stock of Impsat, constituting all of the voting and equity interest in Impsat. The acquisition will be effectuated through a merger of GC Crystal Acquisition with and into Impsat, with Impsat continuing as the surviving corporation under its existing name. Following the consummation of the proposed transaction, GCL thus will become the indirect parent of Impsat USA, Inc. (Impsat USA), Impsat's Commission-licensed subsidiary. Impsat USA will remain the Commission licensee. The Applicants expect to close the proposed transaction by February 2007. |