Covad Announces Regulatory Approval for Proposed Acquisition

  
    
  
  
    
      Covad Communications Group Inc., (AMEX:DVW), a leading national provider 
      of integrated voice and data communications, announced today that it has 
      obtained all of the required regulatory approvals for the proposed 
      acquisition of Covad by an affiliate of Platinum Equity. The approvals 
      were provided by the Federal Communications Commission and a number of 
      state public utility commissions.
    
    
      At a Special Meeting of Stockholders, held February 29, 2008, holders of 
      a majority of the company’s outstanding shares 
      approved the agreement and plan of merger pursuant to which an affiliate 
      of Platinum Equity will acquire all outstanding shares of Covad for 
      $1.02 per share in cash.
    
    
      The parties expect to close the transaction on April 15, 2008.
    
    
      About Covad
    
    
      Covad is a leading nationwide provider of integrated voice and data 
      communications. The company offers DSL, Voice Over IP, T1, broadband 
      wireless, Web hosting, managed security, IP and dial-up, and bundled 
      voice and data services directly through Covad's network and through 
      Internet Service Providers, value-added resellers, telecommunications 
      carriers and affinity groups to small and medium-sized businesses and 
      home users. Covad broadband services are currently available across the 
      nation in 44 states and 235 Metropolitan Statistical Areas (MSAs) and 
      can be purchased by more than 57 million homes and businesses, which 
      represent over 50 percent of all US homes and businesses. Corporate 
      headquarters is located at 110 Rio Robles San Jose, CA 95134. Telephone: 
      1-888-GO-COVAD. Web Site: www.covad.com.
    
    
      About Platinum Equity
    
    
      Platinum Equity (www.platinumequity.com) 
      is a global M&A&O® firm specialized in 
      the merger, acquisition and operation of companies that provide services 
      and solutions to customers in a broad range of business markets, 
      including information technology, software, telecommunications, 
      logistics, manufacturing, metals services and distribution. Since its 
      founding in 1995 by entrepreneur Tom Gores, Platinum Equity has 
      completed more than 75 acquisitions with more than $23 billion in 
      aggregate annual revenue at time of acquisition.
    
    
      Safe Harbor Statement under the 
      Private Securities Litigation Reform Act of 1995:
    
    
      The foregoing contains "forward-looking statements" which are based on 
      management's current information and beliefs as well as on a number of 
      assumptions concerning future events made by management. Examples of 
      forward-looking statements include the expected time of consummation of 
      the merger. Readers are cautioned not to put undue reliance on such 
      forward-looking statements, which are not a guarantee of performance and 
      are subject to a number of uncertainties and other factors, many of 
      which are outside Covad's control that could cause actual results to 
      differ materially from such statements. These risk factors include the 
      ability of the parties to the agreement to satisfy the conditions to 
      consummation of the merger, among other risks. For a more detailed 
      description of the risk factors that could cause such a difference, 
      please see Covad's 10-K, 10-Q, 8-K and other filings with the Securities 
      and Exchange Commission. Covad disclaims any intention or obligation to 
      update or revise any forward-looking statements, whether as a result of 
      new information, future events or otherwise. This information is 
      presented solely to provide additional information to further understand 
      Covad.