Telecommunications giant AT&T Inc. said Friday it concluded its $300 million purchase of USinternetworking Inc., a high tech firm that re-established its business after filing for bankruptcy in early 2002.

AT&T first announced it would acquire USi for about $300 million in cash and would assume its debt. The telecom company said the acquisition of USi will allow AT&T “to tap into the burgeoning applications management market.”

“We look forward to combining USi's technology and expertise in applications management with AT&T's global reach, networking expertise and extensive hosting capabilities,” Forrest Miller, group president of AT&T's enterprise services organization, said in a statement.

USi will join AT&T's existing organization set-up and AT&T expects to retain USi's management team and its domestic and international operations, according to the statement.

“This was a profitable, growing company with a lot of value and we were dealing with someone who had a clearly articulated strategy for why they want to be in this business,” Stern added.