Posted at 11:15 a.m., Friday, August 31, 2001

Purchase of Digital Island completed

Advertiser Staff

Cable & Wireless Plc. said said today it successfully completed its previously announced purchase of former Honolulu-based Digital Island Inc.

The U.K.-based Cable & Wireless, owner of the third-biggest network for Internet service providers, paid $3.40 a share for Digital Island, which traded at a peak of $156.94 a share in December 1999.

Digital Island, a provider if Internet services to businesses, was founded by entrepreneur Ron Higgins and funded by a mix of local and national investors, including a $450,000 investment from the state.