Zayo completes AboveNet acquisition
Zayo Group has announced today that it has completed its acquisition of AboveNet, bringing to a close one of the biggest acquisitions ever seen in the metro fibre market.
The combined company will operate in 45 states in the US and seven countries across North America and Europe with a network spanning over 61,000 route miles with 4.6 million miles of fibre. This will help support approximately 9,000 buildings including major data centres, enterprise buildings and cellular towers.
“With the addition of AboveNet’s talent and assets, Zayo is well positioned to be the leading provider of bandwidth infrastructure solutions to the largest consumers of bandwidth in the US. With transatlantic capacity, a deep London metro network and access to major cities in Europe, we can begin to address customers needs in key international markets as well,” said Dan Caruso, president and CEO of Zayo Group.
Plans to integrate the two companies have been ongoing since the acquisition was announced on March 19, and include physical network integration and implementing a single set of processes and IT systems. A single set of products has been established, while network interconnection work has also been initiated and is expected to be mostly completed in the next three months.
The combined company has announced that it has pro forma revenue of $925 million and $527 million of Adjusted EBITDA based on annualising each company’s March quarterly results, plus previously announced synergies of $77 million.