GTT Communications decided to sell its infrastructure division. Financial advisors help sell infrastructure from Interoute and Hibernia acquisitions.
Infrastructure Division of GTT Communications which includes a terrestrial pan-European fiber network, submarine transatlantic fiber, and data center infrastructure will sell. For this sale, GTT Communications get help from financial advisors. The company makes the acquisition with Infrastructure Division Hibernia Networks for $590m in 2016, and Interoute for $2.3bn in 2018. The estimated sale price and types of selling GTT were not given.
Credit Suisse and Goldman Sachs are financial advisors
Credit Suisse and Goldman Sachs are helping for the potential sale. Rick Calder, GTT president, and CEO said:
“The appointment of Credit Suisse and Goldman Sachs is an important step in our process to explore the sale of our Infrastructure Division.”
GTT’s latest quarterly financial results didn’t meet Wall Street’s expectations. So, the timing of potential infrastructure asset sales is important. The company operates 14 big data centers, more than 50 colocation centers and over 250 amplifier sites across Europe and North America. In 2019, it acquired Dutch telco KPN for $56m.