GTT Communications, a firm that provides cloud networking services for its multinational client base, finalized the sale of its infrastructure division to I Squared Capital. This unit consists of a pan-European, North American and subsea fiber network, data center assets and associated infrastructure services.
This news, as per a previous report, is part of an ongoing bid to improve GTT’s capital structure, allowing it to better execute long-term strategy and repay secured debt.
Ernie Ortega, GTT’s CEO, called the transaction a “major milestone for GTT as we move away from infrastructure ownership and maintenance to deepen our focus on serving the global enterprise market with a full array of cloud networking and managed solutions that include SD-WAN, security, internet, voice and other vital telecommunication services that enable digital business. We have a great team of employees and a company culture that is responsive to the needs of our customers, coupled with an industry-leading internet backbone and a product roadmap aligned to trending market demand. I am confident that our sharper strategic focus will enable us to better serve our customers.”
From GTT’s perspective, the assets are expected to provide what Managing Partner Gautam Bhandari called a “valuable addition” to its global digital infrastructure investments.
The transaction was previously valued at $2.15 billion. Further details are available via the GTT website.