On 18th February 2008, Zayo Group announced an acquisition deal. The announcement revealed that, Zayo Group has acquired Citynet Fiber Network, the wholesale division of Citynet, and the reputed communication services company of US.
Zayo Group Business Deals refer to the business deals made by Zayo Group, a major provider of bandwidth and telecom services. Most recently, this Zayo Group announced an acquisition deal with Citynet Fiber Network.
Details of the Acquisition Deal
Zayo Group announced the acquisition deal on 18th February 2008. The announcement made it clear that Zayo Group has acquired Citynet Fiber Network, the wholesale division of Citynet. It can be mentioned here, that Citynet provides integrated communication services in USA.
After the acquisition, Citynet Fiber Network has become a part of Zayo Bandwidth, the fiber-based bandwidth business unit of Zayo Group. The companies have not disclosed the terms and conditions of the acquisition deal.
But, it has been informed, that after the acquisition, Zayo Group’s metro fiber route miles and regional fiber route miles would double up and the operations of Zayo Group would expand in 12 states of USA.
In respect of this acquisition deal, John Scarano, COO and President, Zayo Group stated that, this acquisition would combine two strong networks and join two efficient teams, which would obviously result in a significant level of growth. He also added that, after this acquisition deal, Zayo Group would be able to extend its’ network throughout the eastern and central region of USA and this would generate long-term benefits both for the customers and for the company.
On the other hand, Jim Martin, CEO and President, Citynet opined that, this acquisition deal would help Citynet Fiber Network to become a major provider of fiber network communications systems in 12 states of USA. He also revealed that, this acquisition deal of Citynet Fiber Network, would make Citynet virtually debt-free and therefore Citynet would be able to concentrate on their retail business operations.