Zayo Group shares surged +9.2% during premarket Wednesday, following news of the Fiber network infrastructure company going private.
As part of a $14.3 billion deal, private-equity firms Digital Colony and EQT will pay $35 per share in cash for the company (which marks a 14.3% premium over Zayo's Tuesday closing price) and assume $5.9 billion of debt. Zayo operates a 130,000-mile data network in North America and Europe, spanning thousands of buildings and data centers.
For Stockholm-based investment firm EQT, the deal would be its largest transaction in its 25-year history.
The deal is expected to close in the first half of 2020, subject to regulatory clearance and approval by Zayo shareholders.
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Industry SpecialtyTelecommunications