Covad Merges With MegaPath

San Jose-based Covad Communications and MegaPath, a provider of IP, data, voice, and security services, said today that the two have entered into a merger agreement. The firms said the deal will create one of the largest managed service local exchange carriers (MSLECs) in the U.S. Financial terms of the deal were not disclosed. The companies said that, after the acquisition, the combined business will be owned by private equity firm Platinum Equity and MegaPath investors.