PSINet to Buy Japanese Internet Company

PSINet Inc., the largest commercial Internet service provider, agreed to buy Rimnet Corp., a Japanese Internet company, for undisclosed terms. PSINet, which helps businesses connect to the Internet and set up Web sites, said the acquisition, expected to be completed this month, will add more than $10 million a year in revenue. In recent weeks, Herndon, Va.-based PSINet has been buying up smaller Internet service providers as it boosts its presence around the world. Last week, the company said it planned to buy Inet Inc. of Korea, and in July, PSINet said it would buy Interlog Internet Services Inc. of Canada. PSINet shares fell 81 cents to $15.94 in Nasdaq trading.