Primus Telecommunications
| Public | |
| Traded as | NYSE MKT: HCHC |
| Industry | Financial Services |
| Founded | 1994 |
| Headquarters | Herndon, Virginia |
|
Key people
|
Philip A. Falcone, CEO |
| Products | A Diversified Holding Company |
| Website | www |
HC2 Holdings Inc., formerly known as PTGI, is a public financial services company. The company was renamed HC2 Holdings, Inc in April 2014 after HRG Group Inc. acquired a 40.5% stake in the company, changing HC2's Stock Market ticker on the NYSE to HCHC. Under the HC2 brand with Philip Falcone as CEO, HC2 seeks to acquire and grow attractive businesses that generate sustainable free cash flow. Since January 2014, HC2 has acquired a diverse array of operating subsidiaries, each with its own dedicated management team across a broad range of industries. This includes the acquisition of Schuff Steel, America's largest steel fabricator in the first half of 2014 and Global Marine Systems, a British company specializing in building subsea cable infrastructure in the 3rd quarter of 2014. The company divested all telecommunications interests with the exception of PTGi-ICS.
Primus commenced operations in 1994 intent on being a global, facilities based service provider. They entered the U.S market in 1995 by assembling their core management team and beginning operations.
In 1996, Primus began its global expansion by acquiring Australia's fourth largest telecommunications service provider, Axicorp. In the same year, Primus obtained a long-distance carrier license in the newly deregulated United Kingdom and also released their Initial Public Offering. They completed their public listing the following year with the completion of the sale of more than US$225 million in senior notes and warrants.
Primus' global expansion continued in 1997 with key acquisitions and international network expansion. They completed the build and activation of their Australian switched network, international gateway switches in New York and Los Angeles and trans-Pacific links. 1997 was also the beginning of Primus' growth through acquisitions. In April, Primus purchased Cam-Net Communications Network Inc. to allow them to enter the Canadian long distance market. Later that year, Primus acquired Telepassport LLC and the assets of USFI Inc; this expanded Primus' long distance services operations into Germany, Japan, Austria, Switzerland and South Africa.
1998 saw Primus expand their operations further in Australia with the acquisition of Eclipse Telecommunications Pty. Ltd. and Hotkey Internet Services Pty Limited. These acquisitions, along with Primus' new Australian Carriers License, meant they were able to offer Internet and data services to Australians. This, however, was not Primus' most significant activity in 1998. In February that year they announced the acquisition of TresCom International Inc. for a sum of US$125 million which was later completed for US$150 million. The completion of this acquisition increased Primus' customer base to approximately 200,000 corporate, small and medium-sized business, residential and wholesale customers in the North America, Europe and the Asia-Pacific regions. That same year, Primus received international carrier status from Canada's Radio and Telephone Commission and signed a significant deal with Qwest for fibre and increased bandwidth capacity for their U.S points of presence.
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