EXDS/GBLX: Exodus Buying Global Crossing's Web-Hosting Business - TheStreet

Exodus Communications

( EXDS) confirmed this morning that it is buying

Global Crossing's

(GBLX)

GlobalCenter Web

hosting unit, for about $6.5 billion in stock. The business manages company Web sites.

The deal also includes a 10-year network services agreement that could generate about $4 billion in revenue for Global Crossing. Exodus will become the biggest Web-hosting business.

Exodus was lately traded at $52 in preopen trading on

Instinet

, down from Wednesday's close at $53.25, while Global Crossing was traded at $32, up from Wednesday's close at $29.88.