Global Crossing makes bid for Fibernet
Global Crossing is making a bid to expand its U.K. operations, offering $96.1 million for Fibernet Group, a competitive service provider. Fibernet operates a national fiber optic network, as well as metropolitans networks in the cities of London, Bristol, Birmingham, Edinburgh, Glasgow, Leeds, Manchester and Reading in the U.K., as well as Frankfurt, Germany.
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The offer has been approved by the Fibernet board of directors and holders of 39% of the company’s outstanding shares. The offer for the remaining shares amounts to 78 pence or $1.48 per share.
According to Global Crossing CEO John Legere, Fibernet’s network is complementary to that of Global Crossing U.K. and will enable Global Crossing to offers its IP-based services to a broader array of customers.
“This is a great transaction for our company and for Fibernet,” Legere said in a prepared statement. “Global Crossing and Fibernet have complementary businesses in the UK. The opportunity to combine and grow these businesses is compelling and exciting for us. I look forward to a quick and seamless integration upon closing and to better serving existing customers and welcoming new customers with the expanded range of products we will offer.”
Global Crossing has been amassing cash as the company righted its financial ship and Legere has hinted in the past that it would be looking for acquisitions. In the U.S., further consolidation among competitive carriers could still see Global Crossing acquiring or merging with another competitor.
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