Update: Exodus to Buy Global Crossing Unit in $6.5 Billion Stock Deal

Updated from 2:08 p.m. EDT

By acquiring Global Crossing's(GBLX Quote) Web hosting unit and bolstering ties with the telecommunications service provider, Exodus Communications(EXDS Quote) hopes to penetrate corners of the global market more rapidly than it could on its own.

In addition to buying the division in a stock pact valued at $6.5 billion, Exodus said Thursday that it would blend its Internet hosting resources with Global Crossing's Asian operations to capture a bigger piece of the pie in that region. Exodus said it would own two-thirds of the joint venture.

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