GTT said the acquisition will expand its portfolio of cloud networking services, significantly increase the scope of its global network, and grow its multinational client base. Hibernia adds owned and leased dark fibre assets including five owned subsea cables and eight cable landing stations, as well as bringing optical and low-latency transport, video and CDN services. Its customers include companies in financial services, media and entertainment, web-centric and service provider segments.
GTT expects to complete integration of Hibernia within two to three quarters and to achieve a post-synergy multiple of seven times adjusted EBITDA or better. The parties expect to close the transaction by the end of first quarter 2017, subject to regulatory approvals.
