US LEC, a super-regional telecommunications carrier, has completed its $8.5 million acquisition of substantially all of the assets of FastNet Corp.

The transaction will add approximately $24 million in annual data revenue, according to the Charlotte-based company. It included $6 million in cash, $1 million of US LEC common stock, and a $1.5 million note, along with the assumption of certain liabilities.

US LEC acquired the broadband and dial-up Internet access, co-location, and managed hosting business units of FastNet, as well as two data centers in eastern Pennsylvania.

The acquisition was funded by $10 million US LEC recently raised through a stock offering.

“Completing the FastNet transaction is another step in our efforts to accelerate the growth of our data business and the steady growth of US LEC,” said Aaron Cowell, the company’s president and CEO. “–US LEC will continue to provide former FastNet customers with the same high-quality services to which they are accustomed, and in the coming months, US LEC will be able to provide these customers with the full suite of voice, data and Internet service offerings from US LEC.”

Cowell said the transaction would be cash flow accretive to US LEC and increase the company’s business class customer base to approximately 17,000 as expands its presence in the Mid-Atlantic.

US LEC: www.uslec.com