NTT Communications (NTT Com) Signs Definitive Purchase Agreement to Acquire Pacific Crossing Limited (Pacific Crossing)

Acquisition to add Pacific Crossing`s undersea cable network connecting Japan
and the United States to NTT Com`s global infrastructure
HAMILTON, Bermuda--(Business Wire)--
Pacific Crossing Limited, the operator of the most reliable trans-Pacific
undersea cable network, PC-1, today announced that it had agreed to be acquired
by NTT Com, the international and long distance service arm of NTT Corporation.
NTT Com will acquire 100% of Pacific Crossing`s outstanding common shares. The
largest of PCL`s shareholders are funds managed by Strategic Value Partners,
LLC.

Pacific Crossing`s PC-1 network is the second-largest trans-Pacific subsea cable
system, offering route diversity, PC-1`s unparalleled reliability record and the
advantage of the lowest latency across the Pacific. Through the acquisition of
Pacific Crossing, NTT Com will combine its premier network assets in Japan and
globally with the PC-1 network to provide enhanced connectivity between the
United States, Japan and Asia.

NTT Com will retain the Pacific Crossing management team, led by CEO Mark
Simpson. Pacific Crossing anticipates a smooth transition, ensuring that
customers continue to receive the unmatched reliability and performance of the
PC-1 network. Customers of Pacific Crossing will now have access to NTT Com`s
global infrastructure including a domestic Japan network capable of providing
seamless connectivity between the PC-1 network and major communication hubs in
Tokyo and Osaka, as well as the rest of Asia. Customers in mainland Asia will
now be able to connect directly to Pacific Crossing`s and NTT`s combined twelve
points of presence in the U.S., including Seattle, Los Angeles, Dallas, Chicago
and New York.

"Pacific Crossing`s customers have long appreciated the performance and
reliability of the PC-1 network. With the addition of PC-1 to NTT Com`s premier
global network, a broader base of carriers and enterprise customers will now be
able to utilize our system and recently expanded service offerings, including
Gigabit Ethernet," said Mark Simpson. "Because of the synergies between NTT Com
and Pacific Crossing, we view the acquisition as an exciting opportunity to
build upon our recent successes and to expand access to our network."

The Blackstone Group L.P. acted as the exclusive financial advisor to Pacific
Crossing on the transaction, and Latham & Watkins LLP served as Pacific
Crossing`s legal advisor. Houlihan Lokey acted as the financial advisor to NTT
Com and Squire, Sanders & Dempsey LLP served as NTT Com`s legal advisor.

About Pacific Crossing Limited

Pacific Crossing owns and operates the trans-Pacific, subsea fiber-optic network
ring, PC-1, connecting the U.S. and Japan. The 21,000km PC-1 submarine cable
system offers the highest reliability and the lowest latency across the Pacific.
Supported by extensive backhaul into major U.S. and Japanese cities, Pacific
Crossing`s infrastructure offers seamless interconnection to virtually every
major international network operator for onward global access. The company
delivers state-of-the-art capacity and managed network services at competitive
prices to a growing customer base of carriers and media and information
transport-intensive enterprise customers. The company is registered in Hamilton,
Bermuda, with principal offices in San Francisco, U.S.A and Tokyo, Japan. For
more information, please visit: www.pc1.com

Pacific Crossing Limited
Kathleen Carr, +1-415-200-0314
kcarr@pc1.com

Copyright Business Wire 2009