GTT to sell infrastructure division for $2.15B
Cloud networking provider GTT Communications Inc. reached an agreement on Friday to sell its infrastructure division I Squared Capital for $2.15 billion in an all-cash deal.
According to the terms of the agreement, GTT will receive $2.02 billion at closing and, depending on “certain financial results” could receive up to $130 million in deferred payments.
“The divestment of the highly differentiated infrastructure division assets will ensure greater focus on network investment and development of high-speed infrastructure services under the more specialized ownership of this experienced investor,” GTT Interim Chief Executive Ernie Ortega said in the press release.
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