I Squared Capital closes the acquisition of GTT, launches Exa Infrastructure

Sep 20, 2021 | Posted by AbdulRahmanOladimeji

I Squared Capital has completed the acquisition of GTT’s infrastructure business. It has also launched a new Company with the name Exa Infrastructure in the process. I Squared Capital acquired GTT Communications’ subsea, data center assets, and terrestrial network infrastructure. The acquired infrastructures are now being operated by the new Company Exa it launched. The infrastructure in Exa’s portfolio includes GTT’s previous acquisitions of Hibernia Network (GTT paid $590 million in January 2017), Interoute (paid $2.3 billion in February 2018), and KPN International (paid $59 million in July 2019).

GTT Communications has over 500 Points of Presence across 31 countries, 300 co-location facilities, and 14 Tier 3-equivalent data center facilities. Aside from that, it also operates 17 submarine cable landing stations. GTT completed the sale of its infrastructure after planning to file for bankruptcy earlier in September after several years of huge debts. In November 2019, GTT revealed its plan to sell its infrastructure division to help reduce its debt totaling over $3 billion. In 2020, GTT agreed to sell the division to I Squared for $2.15 billion. The sale would help reduce GTT Communications’ debt by $2.8 billion.

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