GTT Acquires Hibernia Express and Other Assets

In January 2017, GTT Communications, Inc. (GTT) completed the acquisition of Hibernia Networks, including Hibernia Express and Hibernia Atlantic submarine cable systems and other assets, for USD607 million (initial price was $590 million).

Hibernia networks operates multiple transatlantic submarine networks, including Hibernia Express  Hibernia Atlantic and eight cable landing stations. It also owns complementary terrestrial networks to provide optical transport, Ethernet, and carrier-grade IP transit services, including dedicated cloud connectivity, low-latency services, and HiberniaCDN. 

The addition of Hibernia Networks advances GTT’s growth strategy, expands GTT’s top five global IP network, adds products to GTT's cloud networking portfolio and provides a strong recurring revenue base via established relationships with multinational clients. 

According to GTT, the transaction includes the following assets:

• Five subsea cables, including Hibernia Express, the lowest latency transatlantic cable system, and eight cable landing stations
• New global points of presence, expanding GTT’s Tier 1 IP network to over 300 in total
• Optical and low latency transport, video and CDN services
• Key relationships with marquee clients, specifically within the financial services, media and entertainment, web-centric and service provider segments