Covad aquires GoBEam

Broadband Internet provider Covad Communications (Quote, Chart) is strengthening its commitment to offering phone calls over the Internet — known as voice over IP — with an acquisition.

The San Jose, Calif.-based company Wednesday said its will purchase privately owned GoBeam for $48 million in stock. Pending regulatory approval, the deal should be completed in May of this year. In a statement, Covad warned that the accelerated roll out of its VoIP (define) services would have an impact that has yet to be evaluated on the company’s cash flow.

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