, a DSL service provider, and Dutch data network company
have ended their high-speed Internet joint venture.
NorthPoint, which is based in San Francisco, said this morning that it agreed to sell its 50% stake in the
venture to Versatel in order to focus on streamlining its existing businesses.
Versatel will no longer require a $23.2 million capital commitment, nor any future capital commitments from NorthPoint, and will assume all VersaPoint liabilities. Versatel will also pay NorthPoint about $6.5 million in cash for the divestiture. VersaPoint launched full commercial service last summer.
Shares of NorthPoint fell 3 cents to 25 cents, while Versatel rose 19 cents, or 2.3%, to $8.25 in