Friday, May 29, 2009

Zayo Group Acquires FiberNet

Louisville, Colorado-based Zayo Group is on an acquisition roll, saying Thursday that it is in a deal to buy New York-based FiberNet Telecom Group. According to FiberNet, the definitive agreement and plan of merger with Zayo Group is worth $11.45 per share of its stock, or approximately $87.8M. According to FiberNet, the deal is still subject to approval by its stockholders, as well as FCC and state regulatory approvals. FiberNet also said it would entertain better acquisition offers until June 17th. Zayo is well backed by Morgan Stanley, Charlesbank Capital Partners, Battery Ventures, Centennial Ventures, Columbia Capital, M/C Venture Partners, Morgan Stanley AIP, and Oak Investment Partners, who recently put more than $128M in a Series B funding into the company.