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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES ACT OF 1934
Date of Report (Date of earliest event reported): November 24, 1998
FIRSTWORLD COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-24953 33-0521976
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
9333 Genesee Avenue, Suite 200, San Diego, California, 92121
(Address of principal executive offices)
Registrant's telephone number, including area code: (619) 552-8010
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This Current Report on Form 8-K is filed by FirstWorld Communications,
Inc., a Delaware corporation (the "Company"), in connection with the
transactions described herein.
ITEM 5 - OTHER EVENTS
On November 24, 1998, FirstWorld Communications, Inc. (the
"Company") purchased all of the outstanding capital stock of Optec, Inc.
("Optec"), from Enron Communications, Inc. ("ECI"). Optec is a systems
integrator with operations in Oregon and Washington and has approximately 90
employees in engineering, sales and operations. The Company also purchased
from ECI an indefeasible right of use to fiber optic cable in a metropolitan
area network serving Portland with routes connecting Beaverton and Hillsboro,
Oregon. In addition, the Company obtained rights to OC-3 level capacity on a
wide area network being developed by ECI that will connect up to 15 cities
nationwide.
The Company paid an aggregate of $18,000,000 in cash for the Optec
capital stock, the indefeasible rights of use and the wide area network
rights. The Company also repaid at closing approximately $4,000,000 of
Optec's indebtedness to ECI. The Company deposited $1,000,000 of the total
purchase price into an escrow account to be held for a three year period for
the purpose of satisfying any claim made by the Company for breach of any
representations, warranties or covenants made by ECI in the agreement
relating to the Company's purchase of the Optec capital stock. The Company
used available cash to fund the acquisition.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 3, 1998 FirstWorld Communications, Inc.
By: /s/ Sheldon S. Ohringer
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Sheldon S. Ohringer
Chief Executive Officer and President
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