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  1. #1
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    Abovenet à venda

    A AboveNet encarregou o JP Morgan Chase de encontrar um comprador, sendo potenciais interessados a Level 3 e TW Telecom, entre outros.


    AboveNet operates one of the premier Tier 1 metro footprints on the market, covering 15 of the very largest markets and expanding into a half dozen more with fiber connecting more than 2,600 buildings.

    AboveNet primarily have metro fiber assets -- intercity fiber comes from an IRU swap deal with WilTel (now Level 3) from long ago.

    Let’s take a closer look at these and other potential suitors:

    Level 3 – Considering its pending purchase of Global Crossing, the possibility they might make a parallel bid for AboveNet seems a bit remote. They need GLBC and they don’t need ABVT, so why risk it? However, such assets don’t stroll by every day, and I suppose it’s possible that Level 3 will find the opportunity irresistable. But it’s not compelling to me.

    TW Telecom – On an asset basis this would make a lot of sense. TW Telecom’s biggest weaknesses, if it has any, are its lack of depth on the east coast and its comparatively weaker performance in the largest markets relative to the next tier down where it dominates. Buying AboveNet would bolster their position on both fronts. The question is, given their conservative nature, will they be willing to pay a large enough premium to make it happen?

    Private Equity – Last year private equity bought into lots of metro fiber assets, many of which had been underfunded relative to what is required to really bring out the value. That’s not really true of AboveNet, which has been consistently spending some 30%+ of revenue on capex. I think a strategic buyer with revenue to put on all that metro fiber would make more sense, but if one doesn’t show up then these guys certainly will be there.

    CenturyLink - Recently a commenter suggested them as a potential buyer for XO, but I think there’s a better chance they could go after AboveNet and pay up to do it. The Qwest longhaul assets long suffered from a lack off off-ramps, and purchasing AboveNet would end that storyline quite efficiently while giving the company a much more compelling asset base with which to attack the large enterprise market. The synergies from their existing revenue base seem large, and they have the resources to pull it off as well. This is actually my top pick.

    Verizon – the former MCI assets don’t go everywhere, and adding AboveNet could help Verizon Business with that flagging wireline business. They probably won’t as they don’t need the antitrust headache, but there’s no question they could outbid almost any other if they wanted too. AT&T on the other hand is busy with T-Mobile.

    Comcast - Of all the cable MSOs, the one that might pull the trigger on a big metro fiber buy would be Comcast. They’d have to want to, and I sort of doubt they do, but they could.

    Others seem less likely – It’s hard to make a case for other combinations. If Icahn and XO weren’t so busy with their own soap opera, a combination there might be viable – but no. Windstream doesn’t seem to fit, and Zayo, Earthlink and PAETEC simply don’t have the firepower. Internationally, none of the big players seem interested at this time.

    Now, on a certain level all this makes sense. AboveNet has expressed the belief that asset prices were higher than they’d wish to pay to expand. And it’s true that the prices being paid for privately held metro fiber assets have been rather higher than the broader market has been giving publicly traded metro fiber assets, and this is one way to explore getting such a higher valuation. However, because such a move by AboveNet would be opportunistic, it’s going to take a big premium to make it happen. I think it’s equally likely that the mere discussion of such a deal’s potential will raise the market’s awareness of the company’s assets but that the rumored deal will not materialize.

    Now a For Sale Sign at AboveNet Too? | Telecom Ramblings
    Última edição por 5ms; 26-05-2011 às 07:58.

  2. #2
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    la vem outro negocio de "toneladas" de dolar....
    Siga-nos em nosso twitter: @wht_brasil

  3. #3
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    AboveNet é a NetStream, Pegasus, MetroRED, ... que deu certo.

  4. #4
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    Citação Postado originalmente por 5ms Ver Post
    AboveNet é a NetStream, Pegasus, MetroRED, ... que deu certo.
    Espanta estarem à venda, tecnicamente falando.

  5. #5
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    Vai ver precisam realizar o lucro... que nem ação na bolsa... tu compra, engorda o boi e depois vende pra lucrar alguma coisa, já que o negócio em si, não dá um lucro espetacular. Ou alguém que compra ação aqui, pensa em comprar apenas para ganhar dividendos?

  6. #6
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    Citação Postado originalmente por JulianoP Ver Post
    Vai ver precisam realizar o lucro... que nem ação na bolsa... tu compra, engorda o boi e depois vende pra lucrar alguma coisa, já que o negócio em si, não dá um lucro espetacular. Ou alguém que compra ação aqui, pensa em comprar apenas para ganhar dividendos?
    É mais ou menos o que a matéria especula no final. Pode ser o momento agora ou nunca:


    Now, on a certain level all this makes sense. AboveNet has expressed the belief that asset prices were higher than they’d wish to pay to expand. And it’s true that the prices being paid for privately held metro fiber assets have been rather higher than the broader market has been giving publicly traded metro fiber assets, and this is one way to explore getting such a higher valuation. However, because such a move by AboveNet would be opportunistic, it’s going to take a big premium to make it happen. I think it’s equally likely that the mere discussion of such a deal’s potential will raise the market’s awareness of the company’s assets but that the rumored deal will not materialize.

  7. #7
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    Bloomberg noticiou ser um momento excelente para vender a AboveNet

    There may never be a better time for AboveNet Inc. (ABVT) to put itself up for sale.

    The owner of optical fiber networks that hedge funds, exchanges and social media companies use to send data in cities rose to a record this week on speculation it is looking for buyers. With the most profitable business among its biggest rivals and less debt, White Plains, New York-based AboveNet may command a premium of almost 30 percent to fiber deals struck at 9.3 times earnings before interest, taxes, depreciation and amortization last year, according to Dougherty & Co.

    AboveNet, which exited bankruptcy in 2003, is profiting as a projected tripling of Internet traffic strains networks and prompts businesses to seek faster connections. With more cash than debt and cash flows that more than doubled in the past three years, AboveNet may attract interest from private equity firms, Cowen & Co. said. Verizon Communications Inc. (VZ) and AT&T Inc. (T) could also be buyers, according to Dougherty’s Mark Kelleher, who says it may be worth $100 a share in a takeover. That’s 43 percent more than AboveNet’s price yesterday.

    ...

    AboveNet, led by Chief Executive Officer William LaPerch, generated a 71 percent return for the company’s owners in the past year, which included a $5 per-share dividend in December. That outstripped the 48 percent gain for technology companies in the Russell 2000 Index, including payouts.

    ...

    Revenue has climbed 86 percent over the past five years, driven in part by more businesses using remote data centers to run their software and store their data.
    Worldwide demand for so-called cloud-computing services may more than double to $148.8 billion in 2014 from $58.6 billion in 2009, according to Stamford, Connecticut-based Gartner Inc. AboveNet connects companies to data centers using its network of optical fiber, which is made from bundles of flexible glass that can transmit more data over longer distances than metal wires.

    AboveNet’s conduits typically contain about 432 fibers, about three times the market average, according to Cowen’s Synesael. The company’s shares jumped 9.3 percent on May 24 after DealReporter said it hired New York-based JPMorgan Chase & Co. to find a buyer. AboveNet rose 1.1 percent to $70.07 yesterday, giving it a market value of $1.81 billion.

    With $15.6 million more in cash than debt, AboveNet is valued at about 8.6 times its estimated Ebitda of $209 million, data compiled by Bloomberg show. For fiber deals in 2010, buyers paid an average of 9.3 times Ebitda, according to Cowen.

    In an acquisition, AboveNet may be able to ask for as much as 12 times next year’s Ebitda, according to Kelleher, a Boston- based analyst at Dougherty. That’s equal about $100 a share, according to his estimates.

    ...

    A deal for AboveNet would then cost more than the 6.4 times Ebitda that Broomfield, Colorado-based Level 3 Communications Inc. (LVLT) agreed to pay for Global Crossing Ltd. (GLBC) in an all-stock deal last month. Both compete with AboveNet.

    While AboveNet has made money in the past five years, Level 3 lost $622 million last year and hasn’t been profitable since 1998. Global Crossing, based in Hamilton, Bermuda, and run out of Florham Park, New Jersey, lost $172 million in 2010 and last had a profit in 2003, the year it emerged from bankruptcy.
    The two companies are also burdened with more debt than AboveNet. Level 3 and Global Crossing had a total of $7.2 billion in net debt as of March, while Washington-based Cogent Communications Group Inc. (CCOI), another rival, had $151 million more in borrowings than cash, data compiled by Bloomberg show.
    AboveNet generated 25 cents in operating income for each dollar of revenue in the past 12 months, the highest of the four fiber companies and more than three times the operating margin of Cogent, the data show.

    Cash from operations at AboveNet has also increased by 134 percent in the past three years, more than double the rate of Cogent. Level 3 and Global Crossing both reported declines in operating cash last year, the data show.
    artigo completo : AboveNet in Play as Fiber Demand Creates 43% Premium for Verizon: Real M&A - Bloomberg

  8. #8
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    Pô, mas a Bloomberg foi comparar dois monstros transnacionais (agora um só, gostei do apelido "Level Crossing") contra um operador primariamente nacional dos EUA (com uma rede extra de fibra na Europa)?

  9. #9
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    Citação Postado originalmente por cresci Ver Post
    Pô, mas a Bloomberg foi comparar dois monstros transnacionais (agora um só, gostei do apelido "Level Crossing") contra um operador primariamente nacional dos EUA (com uma rede extra de fibra na Europa)?
    É uma comparação que visa mais acertar no baricentro da capacidade dos executivos da Level e da Crossing

    While AboveNet has made money in the past five years, Level 3 lost $622 million last year and hasn’t been profitable since 1998.
    Global Crossing, ... , lost $172 million in 2010 and last had a profit in 2003, the year it emerged from bankruptcy.

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