Monday 27 September 2021

GTT sells infrastructure business to I Squared Capital for US$2.15 Billion

RDJ acted as Irish legal advisor to GTT Communications, Inc. (NYSE: GTT) on the sale of its infrastructure business to I Squared Capital.

The deal sees GTT dispose of its infrastructure division, consisting of pan-European, North American, subsea and transatlantic fibre network and data centre assets, to a fund managed by I Squared Capital for US$2.15bn. The sale includes selected network and data centre assets accumulated from several GTT acquisitions, including Hibernia Atlantic Cable System Limited and Hibernia Express (Ireland) Limited, which include a 103,000-route kilometre fibre network with over 400 points of presence, spanning 31 metro areas and interconnecting 103 cities across Europe and North America.

Around 420 employees will move to the acquired business, rebranded as EXA Infrastructure, from GTT, which will continue to focus on its core cloud networking business.

The deal originally announced in October 2020, was completed in September 2021.

RDJ Corporate Partner Bryan McCarthy advised on the transaction supported by Sarah Slevin (Corporate and Commercial), Sean O’Reilly (Corporate and Commercial), Mark Ludlow (Tax), David Phelan (Commercial Property) and Jennifer Cashman (Employment).

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