PSINet to Buy Transaction Network

PSINet Inc., a provider of Internet access for businesses, said it has agreed to acquire Transaction Network Services Inc. for $720 million to gain access to the electronic-commerce market. TNS is the world’s biggest provider of e-commerce data communications, processing more than 20 million transactions a day and handling more than 70% of electronic point-of-sale transactions in the U.S. TNS surged $9 to close at $43.25 on the NYSE, and PSINet rose 31 cents to close at $45.88 on Nasdaq.