A Goodwin cross-border team represented GTT Communications (NYSE: GTT) in its announced definitive purchase agreement to acquire Interoute for approximately €1.9 billion ($2.3 billion) in cash. The purchase price will be paid in cash at closing. GTT received, in connection with the transaction including refinancing certain existing debt, commitments for debt financing from a group of financial institutions of $3.07 billion and commitments for equity financing of $250 million from GTT’s largest institutional investor, The Spruce House Partnership, and Acacia Partners. The transaction is expected to close in three to six months, subject to customary regulatory approvals.
The acquisition significantly augments GTT’s scale, expanding its Tier 1 global IP network with one of Europe’s most extensive fiber footprints. The network includes over 400 points of presence, spanning 24 metro areas and interconnecting 126 cities across 29 countries.
GTT Communications, Inc. provides multinationals with a better way to reach the cloud through its suite of cloud networking services, including wide area networking, internet, optical transport, managed services, voice and video services.
Interoute is the owner-operator of one of Europe’s largest networks and a global cloud services platform, which encompasses 15 data centers, 17 virtual data centers and 51 colocation centers, with connections to over 195 additional third-party data centers across Europe.
The Goodwin Private Equity team was led by partners Gemma Roberts in London, Jay Schifferli in Washington, D.C. and Anna Dodson in Boston and included partners James Barri, Simon Fulbrook, Janet Andolina and Sarah Priestly, and counsel Melissa Schwab Wright, and associates Reid Bagwell, Dylan Brown, Emily Campbell, Anna Cooklin, Dennis O’Reilly, Richard Hughes, Elle Metzger, Tessa Parkes, Autri Saha, Kyle Pine and Andrew Wilson.
For additional details on the acquisition, please read the press release.