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  1. #1
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    [EN] GTCR to Buy Inteliquent for $800M

    Rob Powell
    November 3rd, 2016

    The private equity firm GTCR is adding to its carrier voice empire. They will be purchasing publicly-held Inteliquent for $23.00 per share, which works out to a total purchase price of about $800M.

    GTCR intends to merge the Inteliquent business with its other portfolio company, Onvoy LLC. Onvoy has been a consolidator of voice communications and messaging assets over the last several years. Earlier this year they acquired ANPI, while the prior year it was BroadVox and Layered Communications. The merger with the Inteliquent business will be the biggest project they've taken on. Onvoy got its start as an spinoff of the voice networking assets from the Zayo empire.

    Inteliquent has $90.8M in revenue in the second quarter of this year with net income of $9M or so. The bulk of their business has always been carrier-grade interconnection services, and their earlier name was of course Neutral Tandem. They became Inteliquent after the purchase of Tinet when they entered the IP and Ethernet networking business. They sold that to GTT three years ago, and have refocused their business on voice and messaging. Just this week they added SIP IQ to their CPaaS solution.

    The deal is expected to close in the first half of 2017. Inteliquent was expected to post its Q3 earnings, but will now just be issuing a 10-Q sometime in the next week.

    http://www.telecomramblings.com/2016...combine-onvoy/

  2. #2
    WHT-BR Top Member
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    Dec 2010
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    Inteliquent Agrees to be Acquired by GTCR

    CHICAGO, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Inteliquent, Inc., a premier interconnection partner for communications service providers of all types, announced today that it has entered into a definitive agreement to be acquired by an affiliate of GTCR LLC, a leading private equity firm, and merged with a subsidiary of Onvoy, LLC a fast-growing leader in Communications Enablement services. Under the terms of the agreement, Inteliquent stockholders of record will receive $23.00 in cash per share of common stock, which represents a 37% premium to Inteliquent’s closing stock price on November 1, 2016. The value of the transaction is approximately $800 million.

    “Over the past several quarters, Inteliquent has been transforming its business to become a leader in the next-generation communications services market,” said Matt Carter, Inteliquent’s Chief Executive Officer. “The acquisition of Inteliquent by GTCR and Onvoy validates our Growth Forward strategy. We believe this transaction will deliver immediate, significant and certain cash value to our stockholders while creating a market leading provider.”

    “We are excited to partner with the Inteliquent and Onvoy management teams to create a leading provider of communications enablement solutions,” added GTCR Managing Director Lawrence Fey. “The combination of Inteliquent and Onvoy is transformational and creates an entity that is well positioned to provide robust next-generation solutions to the communications enablement market.”

    “Inteliquent’s commitment to the core switching infrastructure has earned the trust of the nation’s top carriers. We believe this will lead to additional opportunities for other carriers to partner with Inteliquent to outsource network infrastructure and achieve cost savings without sacrificing quality and reliability,” said Fritz Hendricks, Chief Executive Officer of Onvoy. “We look forward to working with the Inteliquent team to continue the network expansion and to empower innovation for our shared customer base.”

    The combined company intends to continue to maintain a significant presence in Chicago.

    Additional Transaction Details

    The Inteliquent Board of Directors unanimously approved the transaction and agreed to recommend that Inteliquent’s stockholders vote to adopt the definitive agreement. The transaction is subject to certain conditions, including approval from Inteliquent stockholders, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as well as FCC and state regulatory approvals, approvals and other customary closing conditions. There is no financing condition associated with the proposed acquisition. Inteliquent expects to hold a special meeting of its stockholders to consider and act upon the transaction as promptly as practicable. The transaction is expected to close in the first half of 2017.

    Under the terms of the agreement, for a period of 30 calendar days, Inteliquent may solicit alternative proposals from third parties. Inteliquent does not anticipate that it will disclose any developments with regard to this process unless and until the Inteliquent Board of Directors makes a decision with respect to a potential superior proposal. There are no guarantees that this process will result in a superior proposal.

    Perella Weinberg Partners is acting as exclusive financial advisor to Inteliquent with Kirkland & Ellis LLP serving as legal counsel. Credit Suisse is acting as exclusive financial advisor to GTCR and Onvoy with Latham & Watkins LLP serving as legal counsel.

    Inteliquent Third Quarter Earnings Results

    In light of today’s transaction, Inteliquent has canceled its third quarter 2016 earnings conference call previously scheduled to take place on Thursday, November 3, 2016 at 10:00 am Eastern Time. Inteliquent will file its Form 10-Q for the third quarter of 2016 on or before November 9, 2016.

    About Inteliquent
    Inteliquent is a premier interconnection partner for communication service providers of all types. As the nation’s highest quality provider of voice and messaging interconnection services, Inteliquent is used by nearly all national and regional wireless carriers, cable companies, and CLECs in the markets it serves, and its network carries approximately 21 billion minutes of traffic per month. With the recent launch of its Omni IQsm solution, Inteliquent is now also fully dedicated to supporting the growing market of next generation service providers. For more information, please visitwww.inteliquent.com.

    About GTCR
    Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com.

    About Onvoy
    Onvoy is a leading Communications Enabler offering voice, messaging and mobility solutions supported by our nationwide carrier-grade network. Committed to empowering customers with the solutions they need to enable global communications across various applications in a continuously changing environment, Onvoy employs state of the art technology and provides customers control of their core communications infrastructure via carrier platforms and APIs. These interfaces allow customers to build, provision and support more innovative and integrated communication services. For more information, please visit www.onvoy.com.

    http://newswire.telecomramblings.com...acquired-gtcr/

  3. #3
    WHT-BR Top Member
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    Dec 2010
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    GTT Buys Inteliquent’s Data Network

    Rob Powell
    April 30th, 2013

    Inteliquent has found itself a buyer for its Tier 1 IP and Ethernet network, and that buyer is none other than GTT.

    GTT had already taken the step of building its own MPLS/IP network via the acquisitions of nLayer and PacketExchange in the past several years, moving forward from the ranks of resellers to join the network operators. With this purchase, they have vaulted themselves all the way into the top 10 transit backbones worldwide - #5 actually according to the Renesys rankings at the end of 2012.

    Inteliquent's network was formerly known as Tinet, and before that it was the Tiscali International Network, and they bought it back in 2010 for the price of $111.5M. They won't get that much for it this time though, as GTT will be paying $52.5M plus $2.0M in services over two years. The transit business has always been a tough neighborhood, and that hasn't changed since Tinet struck out on its own in 2009 under the wings of private equity. As part of Inteliquent, it expanded from mainly IP services into Ethernet, taking advantage of its NNIs in hard to reach places worldwide.

    However, the last year has been tough for Inteliquent as a whole, and it has been clear since October that the company might sell part or all of itself as it figures out where to go from here. I've gotten to know some of the folks that run the former Tinet over the years here at Telecom Ramblings, and and I hope that their new corporate home will be a comfortable one - though I'm sure there will be some integration work along the way. Inteliquent had big plans, but the fit was never a completely natural one and in the end it didn't accomplish what they'd hoped.

    It's a done deal, having closed on April 30. GTT seems like an interesting new owner for this network, we will have to see just where they intend to take it. The network they're buying did some $69.5M in revenue last year, which gives the combined company an annual run-rate of around $180M.

    http://www.telecomramblings.com/2013...-data-network/

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