GTT Communications, Inc. (NYSE:GTT) signed a definitive agreement to acquire Hibernia NGS Limited from Columbia Ventures Corporation for approximately $590 million on November 8, 2016. Under the terms, the consideration consists of $515 million in cash and approximately 3.3 million shares of GTT common stock to be issued to the sellers at closing. At the closing of the transaction, GTT will deposit $15 million of the purchase price into an escrow account, to be held for a period of one year to serve as a source of recovery for indemnification payments to which GTT may become entitled. The balance of the purchase price will be applied at the closing to pay off the outstanding funded debt of Hibernia and its subsidiaries, and any transaction expenses of Hibernia remaining unpaid as of the closing and the remainder will be paid to Columbia Ventures Corporation. The purchase price is subject to a final post-closing reconciliation for closing date cash, working capital, transaction expenses, indebtedness and certain tax payments. The cash portion of the purchase price will be funded with proceeds from additional debt issuance, consisting of secured term loans as well as senior unsecured notes. KeyBanc Capital Markets Inc., Credit Suisse and their banking affiliates have been engaged to provide committed financing for the transaction consisting of a new $700 million term loan B and $75 million revolving credit facility, which will replace the Company’s current credit facility and senior unsecured notes yielding gross proceeds of $300 million. GTT Communications will partially finance the transaction with a private offering of $300 million aggregate principal amount of senior notes due 2024. In 2015, Hibernia Networks reported revenue of $148.9 million and adjusted EBITDA of $34.2 million. The deal is subject to certain regulatory approvals, expiration or termination of waiting period under the HSR act, approval by the Federal Communications Commission for the transfer of control of Hibernia Atlantic U.S. LLC’s Section 214 domestic and international licenses as well as for its landing station license, and other customary closing conditions and is expected to close by the end of first quarter of 2017. The Bank Street Group LLC acted as financial advisor to Hibernia. Jody Burfening and Carolyn Capaccio of LHA acted as investor relations advisors to GTT. Jaymie Scotto & Associates acted as public relations advisor to Hibernia. Jay R. Schifferli of Goodwin Procter LLP acted as the legal advisor for GTT. Jack J. Miles and Merrill B. Stone of Kelley Drye & Warren LLP acted as the legal advisors for Hibernia. Jeff Jefferson of Locke Lord LLP and Steven Yentzer of DLA Piper LLP (US) acted as the legal advisors for Columbia Ventures Corporation. HPS Investment Partners, LLC acted for Columbia Ventures Corporation. GTT Communications, Inc. (NYSE:GTT) completed the acquisition of Hibernia NGS Limited from Columbia Ventures Corporation on January 9, 2017. GTT expects to complete the integration of Hibernia Networks within two to three quarters after closing.