[November 05, 2009] Global Telecom & Technology to acquire WBS Connect Tweet Nov 05, 2009 (Datamonitor via COMTEX) -- Global Telecom & Technology has signed a definitive agreement to acquire WBS Connect, a provider of IP transit and data transport services. The acquisition of WBS Connect will expand the portfolio of IP transit and ethernet services Global Telecom & Technology (GTT) offers. Additionally, GTT will add WBS Connect's network infrastructure assets with over 60 points of presence in major North American, Asian and European metro centers. Under the terms of the agreement, the total consideration consists of 500,870 shares of GTT common stock to be issued over 18 months beginning six months after the transaction closes, $1.8 million in cash and seller notes, plus the assumption of WBS liabilities and working capital. Subject to customary closing conditions and the approval of the Federal Communications Commission, the company expects the transaction to close by the end of 2009. Rick Calder, president and CEO of Global Telecom & Technology, said: "Acquiring WBS Connect demonstrates GTT's determination to rapidly scale its global telecom business. In this case, the transaction will combine the power of our customer and operations platform, proven management team and focus on business fundamentals with WBS Connect's sizeable customer base and physical network. The entire WBS Connect team has done an impressive job of growing revenue over the past three years and creating business value." http://www.datamonitor.com Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon [ Back To TMCnet.com's Homepage ]