US cloud network company GTT plans to acquire 1.9 billion euros to acquire European Interoute
Recently, the media reported that the US cloud network company GTT plans to spend $2.3 billion to acquire European counterpart Interoute, which is known as the largest cloud platform operator. Interoute operates Europe's largest independent fiber optic network, enabling 126 cities to connect. GTT expects the deal to be completed within three to six months.
According to foreign media reports, US cloud network company GTT CommunicaTIons said on Monday that it will acquire European counterpart Interoute for 1.9 billion euros (about 2.3 billion US dollars) in cash.
According to GTT, Interoute operates Europe's largest independent optical network, and the deal can further expand its network to connect 126 cities in 29 countries.
The market value of GTT is approximately $2.09 billion. The deal will further strengthen the company's cloud networking platform, adding 15 data centers, 17 virtual data centers and 51 hosting centers.
Interoute is headquartered in London, and according to its earnings report, its revenue for the 12 months ended September 30, 2017 was 718 million euros ($884.4 million).
GTT said it has secured debt financing from financial companies and has secured $250 million in committed equity financing from its largest institutional investor, The Spruce House Partnership and Acacia Partners.
GTT expects the transaction to be completed within three to six months.
Goodwin Procter is a legal advisor to GTT. Credit Suisse and Evercore advise on the sale of shareholders, and Freshfields Bruckhaus Deringer is a legal advisor to Interoute.
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