Fibernet, the telecoms network provider, is to be acquired by Global Crossing of the US for £50m. Fibernet will be integrated immediately into Global Crossing's UK operations, and is expected to add over $30m to Global's annual EBITDA. Fibernet is based in Basingstoke, UK, and its customers include the Bank of England, IBM, Citigroup and Carphone Warehouse. "The addition of Fibernet makes us an even stronger competitor, both in the UK and globally, contributing positively to Global Crossing's leadership position as a next-generation communications provider," said John Legere, chief executive officer of Global Crossing. "This acquisition will further accelerate the performance of our 'invest and grow' segment with the addition of Fibernet's valuable enterprise and Internet service provider customers and the opportunity to serve their future requirements with Global Crossing's broader portfolio of innovative IP solutions."