SEPTEMBER 30, 2008 -- Zayo Group (search for Zayo Group), a regional provider of fiber-based bandwidth, today announced that it has signed an agreement to acquire network assets in six markets from Bridgeport, West Virginia-based, Citynet. The acquisition--Zayo's eleventh since July 2007--is expected to close at the end of this month.
Zayo's network currently spans 18,700 metro and regional fiber route miles, serving more than 1,200 on-net locations in 20 states. These statistics do not include additional network assets Zayo will acquire upon closing two previously announced acquisitions--Columbia Fiber Solutions in the Pacific Northwest and the Adesta Communications Secured Creditor Trust in Colorado; Chicago, Illinois; and the New Jersey coast--both of which are also expected to close in September, says the company.
"This acquisition expands our footprint to include three new metro markets, while growing our networks in Chicago and Cincinnati," reports John Scarano, COO of Zayo Group and president of Zayo Bandwidth. "By establishing and strengthening our metro presence in these areas, Zayo is better positioned to meet the growing bandwidth needs of both our in-place and targeted customers."
The Citynet assets bring an additional 300 route miles of fiber to Zayo's core fiber network. Highlights of the assets include 58 route miles of metro fiber in Phoenix, Arizona; 131 route miles of metro fiber in Cincinnati, Ohio; and 83 route miles of metro fiber in Dallas, Texas. In addition, Zayo will acquire smaller metro area fiber networks in Chicago, San Antonio, and the tri-cities area in Tennessee.
"This sale is a win-win for both companies," contends Jim Martin, president and CEO of Citynet. "This transaction gives Zayo entrance into new markets while providing Citynet with additional financial resources to be used towards aggressively expanding our core business in the Tier 2 and Tier 3 markets that we currently serve."
The assets will become part of Zayo Bandwidth, Zayo Group's business unit that provides fiber-based bandwidth to carriers, web-centric companies, public and educational institutions, and enterprises. Zayo Bandwidth's services include Private Line, wavelength, Ethernet, Internet, and Colocation.
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