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Zayo Group to Acquire Baltimore-Based Litecast
Acquisition of Baltimore-Focused Dark Fiber and Ethernet Services Provider
By: Marketwired .
Dec. 14, 2012 08:41 AM
LOUISVILLE, CO -- (Marketwire) -- 12/14/12 -- Zayo Group, LLC ("Zayo") announces that it has executed a definitive agreement to purchase Litecast/Balticore, LLC ("Litecast"), a provider of metro Bandwidth Infrastructure services in Baltimore, Maryland, for a price of $22 million.
Litecast owns and operates the leading Baltimore metropolitan fiber network, connecting over 110 on-net buildings, including all of the city's major datacenters and carrier hotel facilities. Litecast is focused on providing dark fiber and ethernet-based services to a concentrated set of Baltimore enterprise and governmental customers, particularly within the healthcare and education segments.
The acquisition will further enhance Zayo's fiber network in the greater Baltimore-Washington metropolitan area, complementing the recently acquired AboveNet and FiberGate networks in the Washington, D.C. and Northern Virginia area. Zayo will be positioned to offer Litecast customers a broad set of Bandwidth Infrastructure products across its regional, national and international fiber networks. In addition, Zayo will offer Baltimore fiber-based services to its large existing carrier customer base.
"Given its geography and product offering, Litecast is a natural extension of Zayo's recent acquisition of FiberGate," says Dan Caruso, President and CEO of Zayo Group. "The acquisition completes a very compelling set of fiber assets in the increasingly important Baltimore-Washington metropolitan market."
With Litecast's concentrated network geography, focused product set and size, Zayo anticipates a quick network and operations integration process. And given the concentration of Baltimore customers, Zayo is committed to maintaining a strong local presence in the Baltimore market.
The transaction, subject to customary approvals, is expected to close by year-end and will be funded with cash on hand.
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