Neutral Tandem Completes Acquisition Of Tinet SpA
CHICAGO and CAGLIARI, Italy, Oct. 1, 2010 (GLOBE NEWSWIRE) -- Neutral Tandem, Inc. (Nasdaq:TNDM), a leading provider of interconnection services, announced today it has completed its acquisition of Tinet, SpA, an Italian-based global carrier exclusively committed to the IP Transit and Ethernet wholesale market. The combination immediately expands Neutral Tandem's IP-based network internationally, enabling global end‑to‑end delivery of wholesale Voice, IP Transit and Ethernet solutions. The acquired business will now be a wholly owned subsidiary of Neutral Tandem.
Neutral Tandem and Tinet announced the signing of a definitive agreement on September 9, 2010. To acquire Tinet, Neutral Tandem paid cash consideration of approximately 74.5 million euros (approximately $99.8 million), which reflects certain purchase price adjustments and includes the following assumption of cash and repayment of long-term debt. As part of the 74.5 million euros purchase price, Neutral Tandem assumed approximately 5.2 million euros in cash (approximately $7 million) and caused Tinet to pay off approximately 18.2 million euros in long-term debt (approximately $24.4 million). (1)
"We believe that this deal will allow us to leverage our core competencies, expand our global footprint, accelerate our Ethernet initiatives and move beyond voice into data solutions," said Rian Wren, President and CEO of Neutral Tandem. "We are pleased to have completed this acquisition and are excited to begin our efforts to capitalize on the new opportunities created by the transaction."
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