Zayo to acquire Intelligent Fiber Network
Zayo Group has entered into a definitive agreement to acquire Intelligent Fiber Network (IFN), for an undisclosed amount.
“IFN brings to Zayo another unique and dense regional fibre network and a dedicated local team that excels in serving its customer base,” said Matt Steinfort (pictured), chief financial officer, Zayo.
“This team, the additional network assets and the nearly 1,000 incremental on-net buildings will aid our efforts to accelerate growth as we look to capitalize on the enterprise opportunity within our network reach.”
As a fibre-based connectivity solutions provider, IFN operates a 5,000 route-mile network across multiple markets in Indiana, including Indianapolis, Fort Wayne, Columbus, Terre Haute and South Bend.
“The combination of IFN and Zayo will enable significantly enhanced reach and value to our customers and our legacy owners,” added Jim Turner, chief executive officer, IFN.
“Together, the combined companies will help drive investment and growth in Indiana’s communications infrastructure and advance the ubiquity of high-speed connectivity throughout the state.”
The deal is due to close in H1 of 2021, subject to customary regulatory approvals and closing conditions.
Zayo has appointed Skadden Arps as legal counsel for this transaction. While Houlihan Lokey and Stifel are acting as financial advisors to IFN, and Dentons Bingham Greenebaum is serving as its legal advisor.
In related news, February saw Zayo Group expand its presence at the NJFX CLS campus with the completion of two, diverse, underground, high-capacity fibre cables interconnecting the NJFX campus to Zayo's global network.