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Article: El Paso Corporation Announces Strategic Partnership for Telecommunications Unit.
- Article from:
- PR Newswire
- Article date:
- April 22, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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El Paso Corporation today announced that it has obtained a strategic partner for its telecommunications business. Genesis Park, L.P., a Houston-based private equity firm focused on technology and growth companies, has invested $10 million in the convertible preferred stock of El Paso Networks, L.P. As a result of its investment, Genesis Park will own a 28-percent interest in El Paso Networks and its broadband system. The system currently provides telecommunications services to wholesale customers in major metropolitan areas in Texas, including Dallas/Ft. Worth, Austin, Houston, and San Antonio. In addition, Paul Hobby, founding partner of Genesis Park, will become ...