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U.S. communications infrastructure company Zayo Group (ZAYO)  was jumping in premarket Wednesday after the company announced that it agreed to a $14.3 billion deal to be taken private. 

Private-equity firms Digital Colony and EQT will pay $35 a share in cash for the company, a 14.3% premium over Zayo's closing price on Tuesday of $30.62. In premarket trading Wednesday the stock gained 9.2% to $33.44.

"Digital Colony and EQT share our vision that Zayo's Fiber Fuels Global Innovation. Both are experienced global investors in the communications infrastructure space, and they appreciate our extraordinary fiber infrastructure assets, our highly talented team and our strong customer base. I am confident this partnership with EQT and Digital Colony will empower Zayo to accelerate its growth and strengthen its industry leadership," said CEO Dan Caruso. 

The companies expect the deal to close in the first half of calendar 2020.

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Zayo shares are up 8.2% to $33.12.