Cloud Vendor GTT Buys Hibernia Networks for $590M
Hibernia's low-latency undersea cable between the UK and North America will soon be under GTT's ownership.
The acquisition, including Hibernia's low-latency transatlantic undersea cable, gives GTT five subsea cables and eight cable landing stations, and grows GTT's client base among financial services, media and entertainment industries. The deal is expected to close in the first quarter of 2017.
"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.... Hibernia Networks clients around the world will benefit from the expansive reach of GTT's Tier 1 IP network, the broader portfolio of products and services, improved scale, and the company's expertise in delivering cloud networking solutions and managed services to multinational clients," says Hibernia chief executive Bjarni Thorvardarson in a statement.
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