Recently, media outlets reported that GTT Communications, a U.S.-based cloud networking company, is set to acquire Interoute, its European counterpart, for 1.9 billion euros (approximately $2.3 billion). This deal marks the largest acquisition in the cloud infrastructure sector in recent years and is expected to significantly enhance GTT's global network capabilities.
Interoute, known as Europe’s leading independent fiber-optic network operator, connects 126 cities across 29 countries. The acquisition will allow GTT to expand its reach and strengthen its position in the European market. The transaction is anticipated to close within three to six months, pending regulatory approvals and other standard conditions.
With a market value of around $2.09 billion, GTT sees this acquisition as a strategic move to bolster its cloud networking platform. The deal will add 15 data centers, 17 virtual data centers, and 51 hosting locations, enhancing its ability to deliver high-speed, secure cloud services to businesses across Europe.
Interoute, based in London, reported revenue of 718 million euros ($884.4 million) for the 12 months ending September 30, 2017. The company has been a key player in providing enterprise-grade connectivity solutions across Europe, making it an attractive target for GTT.
To finance the acquisition, GTT has secured debt financing from several financial institutions and also obtained $250 million in committed equity funding from its largest institutional investor, The Spruce House Partnership and Acacia Partners.
Legal advisors involved in the deal include Goodwin Procter for GTT, Credit Suisse and Evercore for the selling shareholders, and Freshfields Bruckhaus Deringer for Interoute. These firms are overseeing the transaction process and ensuring compliance with all relevant regulations.
This acquisition underscores the growing trend of consolidation in the cloud and network infrastructure sector, as companies seek to scale their operations and offer more comprehensive services to global clients.
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