Global Crossing has sold its Trader Voice business to WestCom - a US private telecommunications company that provides network services to financial services firms - for $25m.
Formerly bankrupt telecommunications provider Global Crossing says it will net $22 million in cash proceeds from the sale, after fees and retained liabilities.
Under the deal, WestCom will acquire all the assets and hardware of the Trader Voice unit, which provides high-speed voice solutions to traders in financial services firms.
Jon Jorgl, EVP, WestCom, says: "With this acquisition, we are adding over 500 on-net customer sites to our network. This is great news for our new and existing customers, all of whom will benefit from our rapid provisioning services, which allow us to turn up new trading connections in a matter of hours over our privately managed network."
In addition to the sale, Global Crossing has secured a wholesale services agreement to provide bandwidth and co-location services to WestCom.
The transaction is expected to close in the second quarter, subject to regulatory approvals.
New York-based WestCom acquired Radianz's voice services business in July last year.