Covad Shareholders Approve Platinum Takeover

Covad Communications Group Inc. stockholders have approved the companys $417 million takeover deal by Platinum Equity.

An affiliate of Platinum Equity will buy all of Coads outstanding shares for the previously agreed upon price of $1.02 in cash, the companies said on Feb. 29.

The FCC and two more state public utilities commissions still must endorse the deal. Covad said it expects the approvals within 60 days.

Platinum Equity, a private equity firm based in Beverly Hills, Calif., has purchased several telecom companies over the past few years. The firm owns Trinsic Inc., the former Z-Tel, which it has folded into another holding, Matrix Telecom. Platinum Equity also controls Startec Global Communications and Americatel Corp.