By Tonya Garcia, MarketWatch
GTT Communications Inc. GTT, +10.61% a cloud networking provider, said Wednesday that it has agreed to acquire Hibernia Networks, a high-speed network connectivity solutions provider, in a $590 million transaction. The deal includes $515 million in cash and about 3.3 million shares of GTT stock, valued at $75 million, to be issued to sellers at closing. The deal expands GTT's portfolio of cloud networking services and grows the companies international client base, among other benefits, GTT Chief Executive Rick Calder said in a statement. The transaction is expected to close by the end of the first quarter of 2017 and, according to Calder, the integration is expected to be complete within two to three months after the close.
