Global cloud networking provider, GTT Communications(GTT) announced it has agreed to acquire fiber-optic network services and global Content Delivery Network (CDN) provider Hibernia Networks for $590 million.
Hibernia Networks is a leading provider of global, high-speed network connectivity solutions and owner of terrestrial and subsea fiber assets including Hibernia Express, the lowest latency transatlantic cable system.
This strategic combination is expected to add a number of key portfolios to GTT, including;
• Adds breadth and depth to GTT’s global Tier 1 IP network with owned and leased dark fiber assets including five owned subsea cables and eight cable landing stations
• Expands GTT’s cloud networking portfolio, composed of wide area networking, internet, managed services and voice services, with the addition of optical and low latency transport, video and CDN services
• Adds a video transport platform servicing content rights holders, broadcasters, cable companies and OTT providers.
Rick Calder, GTT president and CEO
This acquisition accelerates GTT’s growth strategy by expanding our portfolio of cloud networking services, significantly increasing the scope and power of our global network, and growing our multinational client base.
Bjarni Thorvardarson, Hibernia Networks’ chief executive officer
GTT gains world class global fiber assets, including ultra-low latency routes between key financial markets, as well as optical, low latency and content services, and exceptional employees with a proven track record of network and commercial leadership, and exemplary customer service.
