Birch Communications announced today it has completed its previously announced acquisition of Cbeyond earlier than expected. The purchase was an all-cash transaction valued at approximately $323 million.
As a result of this acquisition, the common stock of Cbeyond is no longer listed for trading on the NASDAQ. The transaction has been unanimously approved by the boards of directors of both companies, and follows several months of federal and state regulatory review.
This was Birch’s 21 acquisition since 2006 creates a nationwide services provider with approximately $700 million in annual revenue and approximately 200,000 business customers located in all 50 states, the District of Columbia, Canada and Puerto Rico.
“This acquisition creates a truly unrivalled communications and technology services powerhouse that can serve businesses at every stage of their lifecycle,” said Vincent M. Oddo, president and CEO of Birch.
Birch will maintain Cbeyond headquarters in Atlanta, Ga. and continue to increase its investment in the Atlanta metro area, says the company. Cbeyond’s Atlanta headquarters and operations facility will become Birch’s newest Operations Center supporting a range of functions including: customer care, engineering, operations, sales, finance and marketing. Birch maintains two other Operations Centers in Macon, Ga. and Emporia, Ks.