Recently, the media reported that GTT Communications, a U.S.-based cloud network company, is set to acquire Interoute, its European counterpart, for 1.9 billion euros (approximately $2.3 billion). This deal is considered the largest acquisition in the cloud infrastructure sector and marks a significant expansion for GTT. Interoute operates Europe's largest independent fiber-optic network, connecting 126 cities across 29 countries. The transaction is expected to close within three to six months.
According to reports, GTT aims to strengthen its global cloud networking platform through this acquisition. By integrating Interoute’s extensive network, GTT will add 15 data centers, 17 virtual data centers, and 51 hosting facilities. This move is expected to enhance its ability to serve multinational clients and increase market share in key European markets.
With a current market value of around $2.09 billion, GTT has secured financing from major financial institutions and received $250 million in committed equity funding from its largest institutional investors, The Spruce House Partnership and Acacia Partners. This financial backing supports the company’s strategic growth plan.
Interoute, based in London, reported revenue of 718 million euros ($884.4 million) for the 12 months ending September 30, 2017. The acquisition is expected to provide immediate benefits by expanding GTT’s footprint and offering more comprehensive services to its customers.
Legal advisors for GTT include Goodwin Procter, while Credit Suisse and Evercore are advising on the shareholder side. Freshfields Bruckhaus Deringer is representing Interoute in the deal. This collaboration highlights the complexity and scale of the transaction.
Overall, the acquisition signals a strong commitment from GTT to grow its presence in the European cloud and network infrastructure market, positioning itself as a key player in the global digital transformation landscape.
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