Interoute reaches acquisition agreement
Interoute, owner-operator of one of Europe’s largest fibre networks and a global cloud services platform, announced today that it has entered into an agreement to acquire European operator Easynet, subject to certain customary closing conditions. The transaction places an enterprise value of £402 million on Easynet. On a pro forma basis, after giving effect to the acquisition, Interoute would have had total revenue of over €700 million in the twelve months ended 30 June 2015.
The acquisition will enable enterprise, government and service provider customers of the merged group to access a full suite of the combined companies products and services. In addition to increased products and services, the acquisition will bring an enhanced and expanded set of skills and capability to serve both companies’ existing customers and new prospects across the world.
Interoute provides a range of Unified Connectivity, Computing and Communications products and services to multinational and national enterprises, such as UEFA, the European Space Agency, SCA and Saxo Bank, global telecommunications operators and internet content providers. Easynet has an impressive client base spanning global enterprises and public sector entities, as well as national clients.
Gareth Williams, Interoute’s CEO, commented, “These are exciting times for Interoute and our customers as we create a leading, independent European ICT provider. It’s the next step in our acquisition strategy and moves us much closer to our goal of being the provider of choice to Europe’s digital economy.”
Gabriel Prêtre, Chairman of Interoute and Chief Financial Officer at the Sandoz Family Foundation, said: “This transformative acquisition will strengthen Interoute’s strategic position as one of the leading ICT provider to enterprises and carriers in Europe.”
Hugues Lepic, CEO of Aleph Capital, said: “We are very pleased to support Interoute’s management in this important strategic move. The acquisition of Easynet reinforces Interoute and will create significant value through a broad range of synergies.”
Brian Cassidy, a Partner at Crestview Partners, said: “We are very excited about the acquisition of Easynet by Interoute. This transaction demonstrates that the company can participate proactively in the consolidation opportunity in the fibre and cloud markets in Europe.”