Both companies have entered into a share purchase agreement with shareholder Emirates International Telecommunications (EIT), effectively replacing the long-term minority investor.
Completion of the deal is expected to occur by the end of April 2015.
Interoute said it anticipates the backing of the investors to enable the company to make further acquisitions and build its business in the UK, Europe and the US.
“Interoute seeks to more than double its revenues in the next 5 years, underpinned by demand for its enterprise networked cloud services,” said Gareth Williams, CEO at Interoute. “Adding new markets, capabilities and additional customers to experience these services will be the focus of the acquisitions”.
Renzo Ravaglia, EVP of service provider at Interoute, exclusively told Capacity that the company is looking to strengthen its position in the European market, either through organic growth and acquisitions. “We will be very active in integrating our network through buying other companies in order to enlarge the capacity of our network and footprint,” he said.
In October 2014, Interoute acquired UK-based Vtesse Group, gaining 7,000km of UK network and a data centre.
