GTT GTT 2,48 -0,11 -4,25% are to buy Hibernia Networks from Columbia Ventures Corporation for $590mn. This is made up of $515 million in cash and approximately 3.3 million shares of GTT common stock.
Founded in 2003, Hibernia Networks purchased of one of the few dual-cable fiber optic cable systems under the Atlantic Ocean. (This was the 360atlantic cable system built by Tyco for 360networks, which Hibernia brought out of receivership). Dual cable systems are able to provide backup on alternate routes, rather than relying on fibres in the same cable. It become the largest private, American-owned subsea and terrestrial cable system in the world. Hibernia offers carriers and enterprises wavelength, Ethernet, Media, IP, and CDN services. The network connects Europe, North America and East Asia. In 2011, it started work on Hibernia Express, a new trans-atlantic cable that aimed to shave 6 ms latency from the AC-1 cable route. This route entered service in September 2015, offering 59ms latency between London and New York trading centres.
“GTT’s acquisition of Hibernia Networks provides great benefit to the entirety of our customer base as well as our two organizations. GTT gains world class global fiber assets, including ultra-low latency routes between key financial markets, as well as optical, low latency and content services, and exceptional employees with a proven track record of network and commercial leadership, and exemplary customer service. Hibernia Networks clients around the world will benefit from the expansive reach of GTT’s Tier 1 IP network, the broader portfolio of products and services, improved scale, and the company’s expertise in delivering cloud networking solutions and managed services to multinational clients.” – Bjarni Thorvardarson, CEO, Hibernia Networks
