US fibre network provider Zayo is set to acquire its rival AboveNet, after no other potential acquirers came forward with alternative bids.
The companies announced the US$2.2bn acquisition deal on 19 March. They said then that AboveNet would have a…
US fibre network provider Zayo is set to acquire its rival AboveNet, after no other potential acquirers came forward with alternative bids.
The companies announced the US$2.2bn acquisition deal on 19 March. They said then that AboveNet would have a 30-day “go-shop” option, during which it could enter into discussions with third parties on potential bids.
In a statement today [Wednesday, 18 April], AboveNet said that the option had expired and it had received no other offers. This was despite AboveNet making “a broad solicitation of financial and strategic parties”.
The deal is still subject to regulatory and shareholder approval, but AboveNet expects it to close in mid-2012.
AboveNet’s CEO Bill LaPerch said in March that the deal would see the creation of a “dense fibre footprint throughout North America and Europe”.
