MCLEAN, VA -- GTT Communications, Inc. (NYSE: GTT), the leading global cloud networking provider to multinational clients, announced today that a group of investors, led by Aleph Capital Partners LLP and Crestview Partners, has committed to invest $175 million in GTT common stock at the closing of the acquisition of Interoute by GTT, which was previously announced on February 26, 2018. Aleph and Crestview are significant shareholders of Interoute, and they will invest a portion of their proceeds from the sale of Interoute into the combined company. Per the terms of GTT’s debt financing commitment for the Interoute acquisition, this equity commitment will reduce the amount of debt to be issued by GTT to fund the acquisition on a dollar-for-dollar basis.
“Aleph and Crestview’s investment is a strong vote of confidence in our vision to create a disruptive market leader with substantial scale, unique network assets and award-winning product capabilities to fulfill our clients’ growing demand for cloud networking services in Europe, the U.S. and across the globe,” said Rick Calder, GTT president and CEO.
"We are excited to become shareholders of GTT in this new phase of its growth and development,” said Hugues Lepic, CEO of Aleph. “The strength of GTT and Interoute’s combined assets and capabilities creates a compelling opportunity to build a player with significant scale and international presence and drive further industry consolidation.”
“We are highly confident in the ability of GTT’s management team to create long-term value from the combination of their existing business with Interoute, and to drive significant future growth,” added Brian Cassidy, head of media investing at Crestview.