WASHINGTON -(Dow Jones)- Cogent Communications Group Inc. (COI) signed a definitive agreement to purchase the major U.S. operating assets of PSINet Inc., including portions of its U.S. customer base and network, certain equipment, and three hosting centers.

Financial terms weren't disclosed.

The agreement is subject to several conditions, including approval by the U.S. Bankruptcy Court of certain bidding and auction procedures, Internet service provider Cogent said in a press release Wednesday.

Dresdner Kleinwort Wasserstein Inc. advised PSINet on the transaction.

As reported, PSINet, Ashburn, Va., filed for Chapter 11 protection last May.

Cogent's Web site is http://www.cogentco.com