Inteliquent
30.04.2013 22:16
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CHICAGO and MCLEAN, Va., 2013-04-30 22:16 CEST (GLOBE NEWSWIRE) --
Neutral Tandem, Inc. d/b/a Inteliquent (Nasdaq:IQNT) announced today that it
has sold its global data services business to GTT (OTCQB:GTLT) for $54.5
million. The transaction consideration includes $52.5 million of cash and $2.0
million of commercial services that GTT will provide to Inteliquent over three
years. The transaction signed and closed on April 30, 2013.
The global data business sold by Inteliquent generated revenues of $69.5
million in 2012 and serves over 1,100 customers. The data business has over 120
points of presence in 24 countries and provides IP Transit and Ethernet
services. The data business is one of the largest global Ethernet
interconnection networks, a top-five global IP Transit service provider and a
leading IPv6 network. The data business is largely comprised of the assets
acquired by Inteliquent through its purchase of Tinet S.p.A. in 2010.
Ed Evans, Chief Executive Officer of Inteliquent, stated, 'We are pleased to
conclude the sale of our data business. We look forward to working to grow our
core voice services business, to which we will dedicate all of our efforts
going forward. This transaction also affords us with significant balance sheet
flexibility to consider other value-enhancing alternatives for our
shareholders.'
Richard D. Calder Jr., President and Chief Executive Officer of GTT, stated,
'Acquiring the Inteliquent data business accelerates our established growth
curve towards becoming a more asset-based network solution provider, capable of
delivering complex, integrated network solutions globally.'
Inteliquent was advised by BMO Capital Markets and Simpson Thacher & Bartlett
LLP. GTT was advised by Bank Street Group and Kelley Drye & Warren LLP.
About Inteliquent
Headquartered in Chicago, Inteliquent provides intelligent networking to solve
challenging voice interconnection and interoperability issues. With an advanced
MPLS network that is highly interconnected to major carriers and service
providers, Inteliquent serves its voice customers worldwide. Please visit
Inteliquent's website at www.inteliquent.com and follow us on Twitter
@Inteliquent.
About GTT
GTT is the premiere cloud network provider to the world. Powered by our global
Ethernet and IP backbone, GTT operates the most interconnected network on the
globe. With 15 years of proven experience, GTT delivers simplicity, speed and
agility, with an absolute client focus. For more information visit the GTT
website at www.gt-t.net.
Inteliquent Cautionary Statement Regarding Forward-Looking Statements
This press release contains 'forward-looking statements' that involve
substantial risks and uncertainties. All statements, other than statements of
historical fact, included in this press release by Neutral Tandem, Inc. d/b/a
Inteliquent (the 'Company') are forward-looking statements. The words
'anticipates,' 'believes,' 'efforts,' 'expects,' 'estimates,' 'projects,'
'proposed,' 'plans,' 'intends,' 'may,' 'will,' 'would,' and similar expressions
are intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Actual results or
events could differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements the Company makes. Factors that
might cause such differences include, but are not limited to: any adjustment to
the purchase price pursuant to the terms of the purchase agreement between GTT
and the Company; any business disruption associated with the Company's sale of
the data business, including disruptions regarding separating the Company's
network, IT and billing systems from the network and systems sold to GTT, and
that the cost savings and other benefits the Company expects to receive may not
materialize in part or at all; the Company's ability to maintain relationships
with business providers following the sale of the data business; and other
important factors included in the Company's reports filed with the Securities
and Exchange Commission (the 'SEC'), particularly in the 'Risk Factors' section
of the Company's Annual Report on Form 10-K for the period ended December 31,
2012, as such Risk Factors may be updated from time to time in subsequent
reports. Furthermore, such forward-looking statements speak only as of the date
of this press release. The Company undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after the date of
such statements.
Additional Information and Where to Find It
In connection with the proxy contest initiated by Clinton Magnolia Master Fund,
Ltd., the Company will be filing a definitive proxy statement and accompanying
WHITE proxy card with the SEC in connection with the solicitation of proxies
for its 2013 annual meeting of stockholders. Stockholders are strongly advised
to read the Company's 2013 definitive proxy statement when it becomes available
because it will contain important information. Stockholders will be able to
obtain copies of the Company's 2013 definitive proxy statement and other
documents filed by the Company with the SEC in connection with its 2013 annual
meeting of stockholders at the SEC's website at www.sec.gov or at the 'Investor
Relations' section of the Company's website at ir.inteliquent.com.
Participants in the Solicitation
The Company, its directors, its executive officers, and certain other members
of management and employees of the Company may be deemed 'participants' in the
solicitation of proxies from stockholders of the Company in connection with the
matters to be considered at the 2013 annual meeting of stockholders.
Information regarding the persons who may, under the rules of the SEC, be
considered participants in the solicitation of the stockholders of the Company
in connection with such matters is set forth in the preliminary proxy statement
filed with the SEC on April 19, 2013 and will be set forth in the definitive
proxy statement to be filed with the SEC.
CONTACT: Inteliquent Contact
Darren Burgener
(312) 380-4548
GTT Contact
Michelle Reilly
(703) 442-5582
News Source: NASDAQ OMX
30.04.2013 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Inteliquent
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US64128B1089
WKN:
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DGAP-News: Inteliquent Sells Global Data Business to GTT for $54.5 Million
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