GTT Communications to buy Global Capacity
Cloud networking provider GTT Communications announced Monday it has reached an agreement to acquire Global Capacity.
The purchase price includes $100 million in cash and 1.85 million shares of GTT common stock.
McLean-based GTT Communications said the acquisition will grow its client base with additional health-care, application service provider, and retail and carrier markets. GTT expects that Global Capacity’s annualized revenue will be approximately $200 million.
Waltham, Mass.-based Global Capacity is a provider of network connectivity solutions that simplify the process of connecting enterprises.
The transaction is expected to close during the third quarter of 2017 and is subject to regulatory approvals and closing conditions.
GTT will fund the cash portion of the acquisition with funds from a debt offering completed in May.