GTT targets 400G upgrade of Global IP Network

GTT Communications confirmed plans to investin a 400G upgrade to its global Tier 1 IP network. Juniper Netwoks has been selected for the IP upgrade.

The phased rollout will begin with global metropolitan city locations in the initial phase, eventually spanning GTT’s core IP switching and routing fabric connecting more than 260 cities on six continents. The initial phase of deployment is expected to complete in the second half of 2023. Financial terms were not disclosed.

The network augmentation to 400G will be implemented at multiple network layers that include the core IP backbone and metro extensions as well as customer service nodes where demand dictates. 

“The scalability and performance advantages of GTT’s global Tier 1 IP network is a cornerstone to what makes GTT stand out from the other managed network service providers,” commented Don MacNeil, GTT COO. “This comprehensive network upgrade to 400G demonstrates our commitment to providing customers with the most advanced internet networking platform so that they can realize maximum business benefits from managed SD-WAN as well as the full array of enhanced internet services that GTT offers, and it is among a number of key initiatives on our transformation roadmap that leverage the latest AI and digital technologies.”

https://www.gtt.net/us-en/media-center/press-releases/gtt-invests-in-400g-upgrade-of-global-ip-network-to-meet-demand-for-high-performance-and-secure-internet-enabled-services

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Bankruptcy court approves GTT's reorganization plan

The United States Bankruptcy Court for the Southern District of New York  approved the GTT Communications' Prepackaged Plan.

GTT said the Prepackaged Plan, combined with the recently completed infrastructure division sale, will reduce its debt by approximately $2.8 billion. GTT expects to emerge from the chapter 11 process following receipt of the necessary regulatory approvals for the restructuring.

Ernie Ortega, Chief Executive Officer of GTT, said, “With the court approval now behind us we are well positioned with the resources we need to push forward with our long-term growth plan. We are grateful for the immense support we have received from our debtholders, customers, employees, vendors and other partners during this process.”

GTT has announced three leadership appointments.

• Donna Granato has been named Chief Financial Officer after serving in an interim capacity for approximately one year.
• Jim Delis has been appointed Division President for Americas. He has over two decades of industry leadership experience at companies that include AT&T Wireless, XO Communications, Time Warner Cable, and most recently, TPx Communications.
• Lisa Brown has been named Chief Marketing Officer. She joined GTT in 2015 and has held senior leadership roles in marketing and sales operations in the communications, data center and managed cloud markets.

Ortega said, “I am thrilled to announce these leadership team appointments. Donna, Lisa and their respective teams have done a remarkable job to date, and I am thankful for their continued leadership. It is also a pleasure to welcome Jim to GTT, and I look forward to his contributions as an industry veteran. I have tremendous confidence in our leadership team as we work together to transform the Company, execute our strategy and deliver for our customers.”

http://www.gtt.net

GTT sells infrastructure division for $2.15 billion

Sunday, October 18, 2020  Financials, GTT, Mergers And Acquisitions  

GTT Communications will sell its infrastructure division to I Squared Capital, an independent global infrastructure investment firm, for $2.15 billion.

• The infrastructure division sale consists of selected network and data center assets accumulated from several GTT acquisitions, including Interoute, Hibernia, and KPN International, that comprise:
• A 103,000 route kilometer fiber network with over 400 points of presence, spanning 31 metro areas and interconnecting 103 cities across Europe and North America.
• Three transatlantic subsea cables, including GTT Express, the lowest latency route between Europe and North America.
• Fourteen Tier 3 data centers and over 100 colocation facilities.
• Offering a full suite of telecom and data infrastructure solutions to marquee clients.

Gautam Bhandari, managing partner at I Squared Capital stated, “Now more than ever, digital infrastructure is an essential asset class as societies across the globe rely heavily on high-speed digital bandwidth. This acquisition builds upon I Squared Capital’s overarching global digital infrastructure strategy and experience with complex carve-outs to expand the reach of our platforms across Asia, Europe and North America.”

 GTT names Ernie Ortega as interim CEO

Monday, July 06, 2020  GTT, People  

GTT Communications named Ernie Ortega as interim CEO while the board continues its search for a permanent CEO. Ortega currently serves as GTT’s Chief Revenue Office. GTT's Board of Directors also announced that Don MacNeil has joined the GTT leadership team as chief operating officer (COO). Mr. MacNeil will lead GTT’s network operations, service delivery, assurance and vendor management teams, as well as GTT’s product organization. “I am delighted...

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EXA Infrastructure activates 400G linking Europe and North America

EXA Infrastructure, which is a new carrier that consists of the subsea European, and North American infrastructure and data centre assets previously owned by GTT Communications, introduced 400 Gbps transport services across its network.

EXA Infrastructure will initially enable 65,000km of its network footprint to support 400G, including two transatlantic cables, which equate to more than 3000 possible route combinations. 400G wavelengths are available from EXA with immediate effect, with further routes and POPs to be added over the coming 12 months..

“400G is the next step in high-capacity bandwidth technology, and by introducing it on our network we can now look to make a substantial leap forward in the bandwidth density and service speed we offer,” said Steve Roberts, Senior Vice President Product and Marketing.

“There continues to be surging demand from our customers to carry more data, at greater speeds, and with greater efficiency, particularly for data centre-to-data centre connectivity. 400G interfaces answer this call, with a 75% reduction in patching costs and 75% fewer QSFP pluggable modules required, resulting in simplified service delivery and reduced power consumption. It is the first of many steps we intend to take to invest in further network capacity and reach,” he said.

http://www.exainfra.net

• Earlier this year, I Squared Capital completed the purchase of Europe-wide, subsea and North American network infrastructure and data centre assets, previously owned by GTT Communications. The new company now serves customers across 103,000 route kilometres of fibre network that connects 300 cities. The network features more than 500 Points of Presence (POPs), spanning 31 countries, 14 Tier 3-equivalent data centres and 300 co-location facilities, as well as three wholly-owned transatlantic subsea cables including the lowest latency route between Europe and North America. EXA is headquartered in London.
• EXA also announced the appointment of Martijn Blanken as its Chief Executive Officer (CEO). Mr Blanken previously held various executive positions within Telstra Corporation, among others CEO of Telstra Global, and most recently served as Senior Advisor to I Squared Capital.

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GTT enters debt restructuring agreement

GTT Communications has entered into a Restructuring Support Agreement with key stakeholders, including holders of a majority of its secured and unsecured debt and I Squared Capital, to implement a comprehensive restructuring of the company’s remaining balance sheet following completion of the pending sale of its infrastructure division.

GTT said it expects to expeditiously close the previously announced sale of its infrastructure division to I Squared Capital in the coming weeks, allowing the company to repay a significant portion of its secured debt.

Following the close of the sale of the infrastructure division, GTT and certain of its direct and indirect subsidiaries intend to commence prepackaged chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York to effectuate a deleveraging of GTT’s post-sale capital structure. GTT’s foreign businesses and operations outside of the U.S. are not included in the contemplated filing and will be unaffected by the chapter 11 cases. The  company expects to emerge from this process after obtaining the necessary regulatory approvals for the restructuring.

GTT is operating and serving its customers in the U.S. and globally without interruption. 

Ernie Ortega, Chief Executive Officer of GTT, stated, “This global agreement among each of our creditor constituencies resulted from extensive negotiations and reflects the ongoing commitment of our debtholders to the business. Our performance has been strong year-to-date, and we have a very competitive product portfolio in growing segments of the market, such as SD-WAN. To continue this momentum, we are working together with our debtholders to improve GTT’s financial health and this is a major milestone to accomplish this goal.” 

https://www.gtt.net/us-en

GTT sells infrastructure division for $2.15 billion

Sunday, October 18, 2020  Financials, GTT, Mergers And Acquisitions  

GTT Communications will sell its infrastructure division to I Squared Capital, an independent global infrastructure investment firm, for $2.15 billion.

• The infrastructure division sale consists of selected network and data center assets accumulated from several GTT acquisitions, including Interoute, Hibernia, and KPN International, that comprise:
• A 103,000 route kilometer fiber network with over 400 points of presence, spanning 31 metro areas and interconnecting 103 cities across Europe and North America.
• Three transatlantic subsea cables, including GTT Express, the lowest latency route between Europe and North America.
• Fourteen Tier 3 data centers and over 100 colocation facilities.
• Offering a full suite of telecom and data infrastructure solutions to marquee clients.

Gautam Bhandari, managing partner at I Squared Capital stated, “Now more than ever, digital infrastructure is an essential asset class as societies across the globe rely heavily on high-speed digital bandwidth. This acquisition builds upon I Squared Capital’s overarching global digital infrastructure strategy and experience with complex carve-outs to expand the reach of our platforms across Asia, Europe and North America.”

 

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GTT sells infrastructure division for $2.15 billion

GTT Communications will sell its infrastructure division to I Squared Capital, an independent global infrastructure investment firm, for $2.15 billion.

• The infrastructure division sale consists of selected network and data center assets accumulated from several GTT acquisitions, including Interoute, Hibernia, and KPN International, that comprise:
• A 103,000 route kilometer fiber network with over 400 points of presence, spanning 31 metro areas and interconnecting 103 cities across Europe and North America.
• Three transatlantic subsea cables, including GTT Express, the lowest latency route between Europe and North America.
• Fourteen Tier 3 data centers and over 100 colocation facilities.
• Offering a full suite of telecom and data infrastructure solutions to marquee clients.

Gautam Bhandari, managing partner at I Squared Capital stated, “Now more than ever, digital infrastructure is an essential asset class as societies across the globe rely heavily on high-speed digital bandwidth. This acquisition builds upon I Squared Capital’s overarching global digital infrastructure strategy and experience with complex carve-outs to expand the reach of our platforms across Asia, Europe and North America.”

 GTT names Ernie Ortega as interim CEO

Monday, July 06, 2020  GTT, People  

GTT Communications named Ernie Ortega as interim CEO while the board continues its search for a permanent CEO. Ortega currently serves as GTT’s Chief Revenue Office. GTT's Board of Directors also announced that Don MacNeil has joined the GTT leadership team as chief operating officer (COO). Mr. MacNeil will lead GTT’s network operations, service delivery, assurance and vendor management teams, as well as GTT’s product organization. “I am delighted...

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GTT looks to sell subsea cables and European fiber network

Sunday, December 01, 2019  GTT  

GTT Communications has retained Credit Suisse and Goldman Sachs as financial advisors in connection with the potential sale of the Infrastructure Division, which includes its terrestrial pan-European fiber network, subsea transatlantic fiber and data centers. This infrastructure was part of GTT's acquisition of Interoute and of Hibernia. “The appointment of Credit Suisse and Goldman Sachs is an important step in our process to explore the sale of...

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GTT to Acquire Global Capacity, Building its SD-WAN

Monday, June 26, 2017  Global Capacity, GTT, Merger & Acquisitions  

GTT Communications agreed to acquire Global Capacity, a provider of enterprise network connectivity solutions, for $100 million in cash and 1.85 million shares of GTT common stock, to be issued to the sellers at closing. Global Capacity, which is based in Waltham, Mass., addresses a range of enterprise network issues including difficulty in load sharing traffic across a mix of access connections, complex, static and manual network configurations...

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GTT's acquisition of Interoute would add 72K km of European fiber to its transatlantic cables

Monday, February 26, 2018  GTT, Interoute, Merger & Acquisitions  

GTT Communications agreed to acquire Interoute, operator of one of Europe’s largest independent fiber networks and cloud networking platforms, for approximately €1.9 billion ($2.3 billion) in cash. Interoute's European fiber backbone spans 72,000 route kilometers connects nearly 200 data centres and colocation facilities.  Interoute also owns 15 of its own data centers and 33 colocation facilities. Its customers include international enterprises,...

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GTT to acquire KPN International for EUR 50 million

Monday, July 08, 2019  GTT, Mergers And Acquisitions  

GTT Communications agreed to acquire KPN International for approximately €50 million in cash, on a cash and debt-free basis. KPN International, which is headquartered in the Netherlands and is a division of KPN N.V., operates a global IP network serving enterprise and carrier clients. GTT said the acquisition augments its the scale and reach of its Tier 1 global IP network in Europe. KPN International's network spans 21 countries, including long-haul...

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GTT acquires Accelerated Connections, expanding across Canada

Monday, March 12, 2018  GTT, Merger & Acquisitions  

GTT Communications has acquired Accelerated Connections (ACI), a Toronto-headquartered provider of managed networking, voice-over-IP (VoIP) and colocation services, 

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GTT names Ernie Ortega as interim CEO

GTT Communications named Ernie Ortega as interim CEO while the board continues its search for a permanent CEO.

Ortega currently serves as GTT’s Chief Revenue Office.

GTT's Board of Directors also announced that Don MacNeil has joined the GTT leadership team as chief operating officer (COO). Mr. MacNeil will lead GTT’s network operations, service delivery, assurance and vendor management teams, as well as GTT’s product organization.

“I am delighted to name Ernie Ortega as interim CEO and Don MacNeil as GTT’s chief operating officer,” stated H. Brian Thompson, GTT Founder and Executive Chairman of the Board. “Both Ernie and Don have a track record of delivering successful organizational change and operational improvement for national, international and global businesses. Their industry experience and leadership will accelerate our drive to operational excellence, a clearly outstanding client experience, continuous improvement of our services, and the achievement of our organic growth goals."

GTT announces resignation of its CEO

Wednesday, May 27, 2020  GTT, People  

Richard D. Calder will step down as president and CEO of GTT, effective on June 1, 2020.

“We appreciate the many accomplishments Rick has achieved since joining GTT as CEO in May 2007 over 13 years ago,” stated H. Brian Thompson, GTT executive chairman. “We have initiated an executive search for a new CEO to lead GTT moving forward.”

GTT is conducting a search for a replacement. In the interim, the company will be led by a group made up of several top executives, including chief financial officer Steven Berns, chief revenue officer Ernie Ortega, general counsel Chris McKee and senior vice president of operations and engineering Bob Burris.

GTT completes acquisition of KPN International

Monday, December 02, 2019  GTT  

GTT Communications completed its previously announced acquisition of KPN International, which operates a global IP network serving enterprise and carrier clients. GTT paid approximately €50 million in cash, on a cash and debt-free basis.

The acquisition adds more than 400 strategic enterprise and carrier clients. GTT will also be the preferred international network supplier for several hundred additional clients retained by KPN.

GTT said the purchase adds to its portfolio of cloud networking services with wide area networking, internet and transport services, and adds depth to its global Tier 1 IP network in Europe across 21 countries.

GTT looks to sell subsea cables and European fiber network

Sunday, December 01, 2019  GTT  

GTT Communications has retained Credit Suisse and Goldman Sachs as financial advisors in connection with the potential sale of the Infrastructure Division, which includes its terrestrial pan-European fiber network, subsea transatlantic fiber and data centers. This infrastructure was part of GTT's acquisition of Interoute and of Hibernia.

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GTT announces resignation of its CEO

Richard D. Calder will step down as president and CEO of GTT, effective on June 1, 2020.

“We appreciate the many accomplishments Rick has achieved since joining GTT as CEO in May 2007 over 13 years ago,” stated H. Brian Thompson, GTT executive chairman. “We have initiated an executive search for a new CEO to lead GTT moving forward.”

GTT is conducting a search for a replacement. In the interim, the company will be led by a group made up of several top executives, including chief financial officer Steven Berns, chief revenue officer Ernie Ortega, general counsel Chris McKee and senior vice president of operations and engineering Bob Burris.

GTT completes acquisition of KPN International

Monday, December 02, 2019  GTT  

GTT Communications completed its previously announced acquisition of KPN International, which operates a global IP network serving enterprise and carrier clients. GTT paid approximately €50 million in cash, on a cash and debt-free basis.

The acquisition adds more than 400 strategic enterprise and carrier clients. GTT will also be the preferred international network supplier for several hundred additional clients retained by KPN.

GTT said the purchase adds to its portfolio of cloud networking services with wide area networking, internet and transport services, and adds depth to its global Tier 1 IP network in Europe across 21 countries.

GTT looks to sell subsea cables and European fiber network

Sunday, December 01, 2019  GTT  

GTT Communications has retained Credit Suisse and Goldman Sachs as financial advisors in connection with the potential sale of the Infrastructure Division, which includes its terrestrial pan-European fiber network, subsea transatlantic fiber and data centers. This infrastructure was part of GTT's acquisition of Interoute and of Hibernia.

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GTT posts Q1 revenue of $399 million

GTT reported recurring revenue of $399.4 million for the 1st quarter 2020, an increase of 0.6% as compared to the 4th quarter 2019, and a decrease of 4.4% compared to the 1st quarter 2019. Recurring revenue represents 94% of total revenue for the 1st quarter 2020 compared to 94% and 93% for the 4th quarter 2019 and the 1st quarter 2019, respectively. Non-recurring revenue of $25.3 million for the 1st quarter 2020 decreased 5.2% compared to the 4th quarter 2019, and decreased 21.9% compared to the 1st quarter 2019. Net loss qA $83.3 million for the 1st quarter 2020 compared to a net loss of $19.1 million for the 4th quarter 2019, and a net loss of $27.3 million for the 1st quarter 2019. The net losses in all periods include non-recurring costs, including exit, transaction and integration costs of $4.3 million for the 1st quarter 2020, $7.5 million for the 4th quarter 2019, and $12.0 million for the 1st quarter 2019.

GTT said it continues to explore the monetization of its Infrastructure Division, which is expected to include the company’s highly differentiated pan-European fiber assets, subsea transatlantic fiber and data center infrastructure, which GTT acquired as part of the Interoute and Hibernia acquisitions.

https://www.gtt.net/media/2585/gtt-investor-presentation-may-20.pdf

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GTT names new CFO

GTT Communications named Steven Berns as its new Chief Financial Officer. Prior to joining GTT, he served as Co-Chief Operating Officer and Chief Financial Officer at Shutterstock, a leading global technology company.

“Steven has a distinguished track record leading finance organizations in several mid- to large-size public companies,” stated Rick Calder, GTT President and CEO. “He will add seasoned executive leadership towards the achievement of GTT’s organic revenue growth and operational excellence objectives as we deliver on our purpose, connecting people around the world and to every application in the cloud. With the appointment of Steven, we would like to thank Dan Fraser for his dedicated service as Interim Chief Financial Officer. Dan will continue to serve as Senior Vice President, Finance, and Controller.”

GTT's revenue dips to $420 million, considers sale of European assets

Tuesday, November 12, 2019  GTT  

GTT Communications reported revenue of $420.0 million for the quarter ended September 30, 2019, a decline of 6.4% compared to 3Q18, and a decline of 3.2% compared to 2Q19. The sequential revenue decline of 3.2% was attributable to a 0.9% decline in monthly recurring cash revenue, a 0.8% decline from foreign currency, a 0.7% decline in non-recurring and other revenue, a 0.6% decline in the runoff of non-cash deferred revenue, and a 0.2% increase in revenue credits.

Net loss for the quarter was $26.2 million compared to net loss of $23.4 million in 3Q18 and net loss of $33.3 million in 2Q19.

Net install trends improved sequentially over the course of the quarter and net installs were positive in October.

GTT also announced an expansion of its non-strategic and non-core asset divestiture exploratory process to include its pan-European fiber assets, subsea transatlantic fiber and data center infrastructure, which the company acquired as part of the Interoute and Hibernia acquisitions.

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GTT adds Fortinet to SD-WAN portfolio

GTT Communications has expanded its SD-WAN service offering by adding Fortinet Secure SD-WAN as a technology option over any last-mile access. It includes Fortinet's integrated next generation firewall and unified threat management functionality combined with an SD-WAN edge device and router.

“Clients rely on GTT to securely connect their locations across the world and to every application in the cloud,” stated Rick Calder, GTT president and CEO. “Our broad portfolio of SD-WAN service options, that now includes Fortinet, ensures that clients can run their applications with superior security, performance and reliability to support their business goals.”

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GTT completes acquisition of KPN International

GTT Communications completed its previously announced acquisition of KPN International, which operates a global IP network serving enterprise and carrier clients. GTT paid approximately €50 million in cash, on a cash and debt-free basis.

The acquisition adds more than 400 strategic enterprise and carrier clients. GTT will also be the preferred international network supplier for several hundred additional clients retained by KPN.

GTT said the purchase adds to its portfolio of cloud networking services with wide area networking, internet and transport services, and adds depth to its global Tier 1 IP network in Europe across 21 countries.

“The great client base contributed by this acquisition, combined with a talented group of employees, strengthens GTT’s presence in Europe,” said Rick Calder, GTT president and CEO. “We are pleased to welcome this blue-chip roster of clients from KPN International who can now access GTT’s expansive global network and comprehensive service portfolio, as we deliver on our purpose of connecting people across organizations, around the world and to every application in the cloud.”

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GTT looks to sell subsea cables and European fiber network

GTT Communications has retained Credit Suisse and Goldman Sachs as financial advisors in connection with the potential sale of the Infrastructure Division, which includes its terrestrial pan-European fiber network, subsea transatlantic fiber and data centers. This infrastructure was part of GTT's acquisition of Interoute and of Hibernia.

“The appointment of Credit Suisse and Goldman Sachs is an important step in our process to explore the sale of our Infrastructure Division,” stated Rick Calder, GTT president and CEO. “This potential divestiture in no way alters the execution of GTT’s core strategy of providing cloud networking services to large and multinational clients as we deliver on our purpose of connecting people to any location in the world and to every application in the cloud.”

In November, GTT Communications reported revenue of $420.0 million for the quarter ended September 30, 2019, a decline of 6.4% compared to 3Q18, and a decline of 3.2% compared to 2Q19. The sequential revenue decline of 3.2% was attributable to a 0.9% decline in monthly recurring cash revenue, a 0.8% decline from foreign currency, a 0.7% decline in non-recurring and other revenue, a 0.6% decline in the runoff of non-cash deferred revenue, and a 0.2% increase in revenue credits.

Net loss for the quarter was $26.2 million compared to net loss of $23.4 million in 3Q18 and net loss of $33.3 million in 2Q19.

Net install trends improved sequentially over the course of the quarter and net installs were positive in October.

GTT to acquire KPN International for EUR 50 million

Monday, July 08, 2019  GTT, Mergers And Acquisitions  

GTT Communications agreed to acquire KPN International for approximately €50 million in cash, on a cash and debt-free basis.

KPN International, which is headquartered in the Netherlands and is a division of KPN N.V., operates a global IP network serving enterprise and carrier clients.

GTT said the acquisition augments its the scale and reach of its Tier 1 global IP network in Europe. KPN International's network spans 21 countries, including long-haul fiber routes and metro rings in Frankfurt, London, Amsterdam and Paris. It has more than 400 strategic enterprise and carrier clients.

“The acquisition of KPN International deepens our market presence in the European region,” said Rick Calder, GTT president and CEO. “The world-class resources contributed from this acquisition, including a highly experienced team, international network assets and a deep roster of multinational clients, will help us deliver on our purpose of connecting people across organizations around the world and to every application in the cloud.”

The acquisition is expected to close in the third quarter 2019 subject to obtaining the required regulatory approvals.

GTT acquires Accelerated Connections, expanding across Canada

Monday, March 12, 2018  GTT, Merger & Acquisitions  

GTT Communications has acquired Accelerated Connections (ACI), a Toronto-headquartered provider of managed networking, voice-over-IP (VoIP) and colocation services, serving large distributed Canadian enterprises. Financial terms were not disclosed at this time.

ACI operates a network connecting all of Canada's provinces, as well as two state-of-the-art data center facilities.

GTT's acquisition of Interoute adds 72K km of European fiber to its transatlantic cables

Monday, February 26, 2018  GTT, Interoute, Merger & Acquisitions  No Comments

GTT Communications agreed to acquire Interoute, operator of one of Europe’s largest independent fiber networks and cloud networking platforms, for approximately €1.9 billion ($2.3 billion) in cash.

Interoute's European fiber backbone spans 72,000 route kilometers connects nearly 200 data centres and colocation facilities.  Interoute also owns 15 of its own data centers and 33 colocation facilities. Its customers include international enterprises, as well as the world’s major service providers, ICPs and OTT providers. The company also operates 18 Interoute Virtual Data Centres (VDCs) globally, including three in Asia-Pacific, which are tied into its fiber backbone. In October 2017, Interoute launched its "Edge SD-WAN" service.

Interoute offers transport services (wavelength, Carrier Ethernet, managed bandwidth, storage connect, IP transit, cloud connect) and infrastructure services (dark fiber and data center colocation).

Interoute reported revenues of €718 million and adjusted EBITDA of €165 million for the 12 months ending September 30, 2017.

GTT said the merger contributes significant infrastructure, edge and hosted services to its network, as well as over 1,000 strategic enterprise and carrier clients, primarily headquartered in Europe.

In January 2017, GTT acquired Hibernia Networks and its five subsea cables, including Hibernia Express, the lowest latency transatlantic cable system, and eight cable landing stations, new global points of presence, and key clients in the financial services, media and entertainment, web-centric and service provider segments.

GTT to Acquire Hibernia for Transatlantic Cable Network

Wednesday, November 09, 2016  #Cloud, GTT, Hibernia, Mergers And Acquisitions, Submarine Cable, Undersea  

GTT Communications agree to acquire Hibernia Networks, which owns the new Hibernia Express transatlantic cable systems and other terrestrial and undersea fiber assets, for $590 million.  The deal consists of $515 million in cash and approximately 3.3 million shares of GTT common stock, to be issued to the sellers at closing, valued at $75 million.

GTT operates a global Tier 1 IP network with owned and leased dark fiber assets including five owned subsea cables and eight cable landing stations. The company delivers global cloud services to multinational customers. GTT is based in McLean, Virginia.

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