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  1. #1
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    [EN] Interoute à venda

    Who might buy Interoute?

    Rob Powell
    October 17th, 2017

    The pan-European network and cloud infrastructure operator Interoute was revealed have brought in Credit Suisse and Evercore to help evaluate a sale of the company.

    Interoute is majority (70%) owned by the Sandoz family with Aleph Capital and Crestview Partners holding the remainder. The company's network was built off of assets from the dot-com crash via a combination of organic and inorganic growth, with the most recent inorganic moves being the acquisitions of Vtesse in 2014 and EasyNet in 2015.

    In the first half of 2017, Interoute posted €354M in revenue and €79.6M in adjusted EBITDA while spending €36.1M in capex. As the EasyNet integration winds down, the company's EBITDA margins have risen up toward the 22% mark. The rumors indicate they'd be looking for a multiple of somewhere in the 7-10xEBITDA range, which puts the value of any potential deal at somewhere in the $1.5-2.0B range.

    So the question is, who might step up to the plate to buy Interoute? There are possible strategic buyers from both the US and Europe as well as some interesting private equity possibilities. Here are thoughts on a few candidates in no particular order:

    • Level 3 - A few years ago, Level 3 would have been the first answer to come to mind. The synergies to be derived are obvious, and the scale would help the company's enterprise business on the continent a great deal. But the timing isn't perfect given the impending tasks of the CenturyLink integration, so that likelihood seems a bit less, umm, likely than it might have in the past. It's still quite possible though.

    • Zayo - They could be a very strong candidate. After entering the Euro market a few years ago with the acquisitions of Geo, Neo, and Viatel, Zayo has a pretty good starter set in western Europe. They've been uncharacteristically quiet since then, but pan-European fiber and data centre assets like Interoute don't grow on trees. Zayo won't sit out the chance to bid and they won't be shy.

    • Teliasonera - the Scandinavian-based giant has been growing its international network footprint steadily and almost entirely organically over the years. But this opportunity to add pan-European enterprise and wholesale depth may not be something they can pass up.

    • Colt - For a decade I saw Colt as a likely target of consolidation, but ever since Fidelity took them private they've been looking like they might be ready to sit on the other side of the table. A combination with Interoute would have significant synergies and few downsides when it comes to pure numbers.

    • euNetworks - While the company probably isn't large enough to do it on its own, its private equity owners are completely capable of making a bigger move if the opportunity is sufficiently attractive. euNetworks metro depth in the UK and Germany would help raise margins on Interoute's revenue.

    • Telxius - This is a bit of a longshot, but when Telefonica split off its infrastructure division and sold off a piece of it to KKR, they were doing so to help with the company's debt issues. But as with Windstream's spinoff of what is now Uniti Group, the resulting company could become a consolidator in its own right with private equity sitting in the driver's seat.

    • EQT Infrastructure - These guys are perhaps the most aggressive private equity guys in the market over in Europe, and I can easily see them taking the opportunity to take Interoute off of the the Sandoz family's hands.

    • Other private equity - The list of names is quite long

    • The billionaires - One can never count out personalities like Carlos Slim, Patrick Drahi, John Malone or even Naguib Sawiris, although none seem to jump out at me in this case.
    Última edição por 5ms; 17-10-2017 às 11:42.

  2. #2
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Mapa parcial: Africa, Oriente Médio, Asia

    Our Services

    Interoute is an international ICT service provider and the owner operator of a global cloud platform and one of Europe’s largest networks. Our advanced fibre optic (70,000 route kilometres) network connects the business hubs of Europe, nearly 200 data centres and colocation facilities to America, Africa, Asia, the Middle East and network partners across the globe. Incorporating 15 of its own data centres and 33 colocation facilities, Interoute serves international enterprises, as well as the world’s major service providers, Internet giants and OTT providers.

    We offer our customers a broad portfolio of managed and outsourced services which include:

  3. #3
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010

    Data centers

    Data Center Address City Country
    Interoute Salzburg Schillerstrasse 30 Salzburg Austria
    Interoute Vienna Perfectastrasse 86-88 Vienna Austria
    Interoute Bruges Ruddervoordestraat 82 Zedelgem Belgium
    Interoute Brussels Leuvensesteenweg 573 Zaventem Belgium
    Interoute Gent Industriepark 2H Merelbeke Belgium
    Interoute Liege Les Hauts Sarts 1 ere Avenue 66, Parc Industriel Liege Belgium
    Inteorute Bulgaria SOF003 122, Ovche Pole Sofia Bulgaria
    Interoute Bulgaria SOF-SHI 63, Shipchenski prohod Blvd. Sofia Bulgaria
    Interoute Ivancice Alexovice 23 Ivancice Czech Republic
    Interoute Bordeaux Avenue Mirieu de Labarre Villenave d'Ornon France
    Interoute Calais Calais Green Lane Parc d Entreprises Coutimmo Coquelles France
    Interoute Lille 126 Rue Carnot Sequedin France
    Interoute Mareuil sur Ay Route Ay Zl Le Cheminet Mareuil sur Ay France
    Interoute Marseille 44 Avenue Boibaudron Marseille France
    Interoute Narbonne La Guarrigue - Rte de St Pons St Marcel Sur Aude France
    Interoute Nice 23 Traverse Auguste Verola Nice France
    Interoute Paris 34 rue des Gardinoux Aubervilliers France
    Interoute Poitiers Zone d'Aménagement Concerté de Saint-Eloi Poitiers France
    Interoute Strasbourg 8 Rue de Rouen Strasbourg France
    Interoute Toulouse 201 Avenue des Etats-Unis Toulouse France
    Interoute Berlin Albert Einstein Ring 17-25 Kleinmachow Germany
    Interoute Bonn Bruhler Strabe 26a Bonn Germany
    Interoute Cologne Max-Planck-Strasse 36 Hurth Germany
    Interoute Dortmund Stockholmerallee 24 Dortmund Germany
    Interoute Marie Curie Marie Curie Strasse 7 Dresden Germany
    Interoute Dusseldorf Ellerstrasse 101, Industriepark Hilden Hilden Germany
    Interoute Eschborn Schwalbacher Strasse 60-62 Eschborn Germany
    Interoute Frankfurt Weismuller Strasse 26 Frankfurt Germany
    Interoute Hamburg Grossmoorbogen 25 Hamburg Germany
    Interoute Leipzig Ludwig Ehrhard strasse 57 Leipzig Germany
    Interoute Garching Robert-Bosch-Strasse 12 Garching Germany
    Interoute Munich Elisabeth-Selbert-Strasse 1 Munich Germany
    Interoute Nuremberg Leyher Strasse 142/144 Nuremberg Germany
    Interoute Stuttgart Industriestrasse 15 Stuttgart Germany
    Interoute Bari Via Caduti del Lavoro 2, Mungivacca railway stations Bari Italy
    Interoute Bologna Via Maserati 20c/20d Bologna Italy
    Interoute Florence Via ponte a Giogoli 105/107, Sesto Fiorentino Florence Italy
    Interoute Genova Via Pillea 21, Genova Localita Borzioli Genova Italy
    Interoute Milanese Via Brianza 15/17 S Guiliano Milanese Italy
    Interoute Via Caldera Via Caldera 21 Milan Italy
    Interoute Pisa Via P. Barsanti 4 Pisa Italy
    Interoute Rome Via Cornelia 498 Rome Italy
    Interoute Turin All'Abbadia Di Stura 151, Strada Comunale de Bertolla Turin Italy
    Interoute Udine Via Baldasseria Bassa 302 Udine Italy
    Interoute Venice Via Vallenari 43 Mestre Italy
    Interoute Barcelona Bosc Tancat 1, Poligono Industrial Uralita Cerdanyola del Valles Spain
    Interoute Bilbao Poligono Artunduaga Parcela 21 Basauri Spain
    Madrid Lezama Lezama, 4 Madrid Spain
    Interoute Valencia Poligono Industrial El Oliveral , Fase 11, Parcela Plot 7 Ribarroja del Turia Spain
    Interoute Stockholm Karlavägen 108 Stockholm Sweden
    Interoute Geneva Chemin de L'Epinglier 2 Meyrin Switzerland
    Interoute Zurich Josefstrasse 225, 1st floor Zurich Switzerland
    Interoute Amsterdam Koolhovenlaan 120 Schiphol-Rijk The Netherlands
    Databarn Rivium B.V. Rivium Boulevard 62 Capelle aan den IJssel The Netherlands
    Interoute Utrecht Sterrenbergweg 42a Soesterberg The Netherlands
    Interoute Leiston Eastlands Industrial Estate, Unit 5b Leiston United Kingdom
    Interoute Wherstead Park Farm Wherstead United Kingdom

  4. #4
    WHT-BR Top Member
    Data de Ingresso
    Dec 2010
    "In the first half of 2017, Interoute posted €354M in revenue and €79.6M in adjusted EBITDA while spending €36.1M in capex."

    "The rumors indicate they'd be looking for a multiple of somewhere in the 7-10xEBITDA range, which puts the value of any potential deal at somewhere in the $1.5-2.0B range"

    "pan-European fiber and data centre assets like Interoute don't grow on trees"

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