GX Networks becomes Pipex Communications

LONDON (10/29/2003) - Starting Thursday, GX Networks Plc will be re-branded as Pipex Communications after acquiring the assets of Internet Service Provider Pipex for around £50 milliom (US$85 million).

Existing GX Networks customers will see no change to their service other than the change of payee's name on their bank statements. Likewise Pipex customers' service contracts will continue under the same terms.

Customers will be contacted "in a phased way" according to GX Networks Chief Executive Officer Mike Read, which is likely to be around the time of their monthly bills, he said.

If, for whatever reason, existing Pipex customers wish to cancel their subscription, then providing their contract contains terms that allow them to cancel on change of ownership — as apparently only some of the contracts do — then they will be free to do so.

A total deal of £55 million in cash and £80 million consideration shares has been reached between the companies.

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