This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Inteliquent Sells Global Data Business To GTT For $54.5 Million

CHICAGO and MCLEAN, Va., April 30, 2013 (GLOBE NEWSWIRE) -- Neutral Tandem, Inc. d/b/a Inteliquent (Nasdaq:IQNT) announced today that it has sold its global data services business to GTT (OTCQB:GTLT) for $54.5 million. The transaction consideration includes $52.5 million of cash and $2.0 million of commercial services that GTT will provide to Inteliquent over three years. The transaction signed and closed on April 30, 2013.

GTT logo

The global data business sold by Inteliquent generated revenues of $69.5 million in 2012 and serves over 1,100 customers. The data business has over 120 points of presence in 24 countries and provides IP Transit and Ethernet services.  The data business is one of the largest global Ethernet interconnection networks, a top-five global IP Transit service provider and a leading IPv6 network.  The data business is largely comprised of the assets acquired by Inteliquent through its purchase of Tinet S.p.A. in 2010.

Ed Evans, Chief Executive Officer of Inteliquent, stated, "We are pleased to conclude the sale of our data business. We look forward to working to grow our core voice services business, to which we will dedicate all of our efforts going forward. This transaction also affords us with significant balance sheet flexibility to consider other value-enhancing alternatives for our shareholders."

Richard D. Calder Jr., President and Chief Executive Officer of GTT, stated, "Acquiring the Inteliquent data business accelerates our established growth curve towards becoming a more asset-based network solution provider, capable of delivering complex, integrated network solutions globally."

Inteliquent was advised by BMO Capital Markets and Simpson Thacher & Bartlett LLP.  GTT was advised by Bank Street Group and Kelley Drye & Warren LLP.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,254.82 -30.92 -0.17%
S&P 500 2,128.86 -1.96 -0.09%
NASDAQ 5,095.4680 +4.6740 0.09%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs