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ZAYO

Zayo Group

$34.71

0.01 (0.03%)

06:57
11/30/16
11/30
06:57
11/30/16
06:57

Zayo Group to acquire Electric Lightwave for $1.42B in cash

Zayo Group announced it has entered into an agreement to acquire Electric Lightwave, formerly known as Integra Telecom, for $1.42B in cash. Electric Lightwave, which provides infrastructure and telecom services primarily in the Western United States, has 8,100 route miles of long haul fiber and 4,000 miles of dense metro fiber in Portland, Seattle, Sacramento, San Francisco, San Jose, Salt Lake City, Spokane and Boise, with on-net connectivity to more than 3,100 enterprise buildings and 100 data centers. Approximately 40% of Electric Lightwave's existing revenue aligns with Zayo's infrastructure-focused business segments and will be rapidly integrated into the core Zayo organization, processes and systems. The remainder, which is a valuable and viable cash-flow generating business, has a customer base that aligns well with Zayo's Canadian SME and voice businesses. "Zayo has a proven track record of integrating key fiber infrastructure assets while also maximizing the value of more traditional telecom business units," added Caruso. Zayo expects to achieve significant revenue and cost synergies over the coming quarters, driven by the efficiencies of scale and achieved via Zayo's proven, streamlined integration process. Zayo's Tranzact platform and Salesforce.com implementation will provide seamless online access to viewing, purchasing and managing the combined customers and network. Under the terms of the agreement, Zayo will acquire Electric Lightwave for a total cash consideration of $1.42B, representing a pre-synergized multiple of less than eight times LQA EBITDA of $180M. In addition, Zayo anticipates more than $40M in annual cost synergies to be realized throughout the integration process and will benefit from more than $400M in net operating loss carryforwards acquired in the transaction. Zayo expects to close in the first calendar year quarter of 2017, subject to customary regulatory approvals and closing conditions. The transaction will be funded with a combination of cash on hand and debt.

  • 05

    Dec

ZAYO Zayo Group
$34.71

0.01 (0.03%)

08/26/16
COWN
08/26/16
NO CHANGE
Target $42
COWN
Outperform
Zayo Group remains favorite idea at Cowen
Cowen analyst Colby Synesael said the Zayo Group remains his favorite idea, citing its accelerating organic growth and the potential for meaningful multiple expansion. Synesael reiterated his Outperform rating and $42 price target on Zayo Group shares.
10/06/16
OPCO
10/06/16
NO CHANGE
OPCO
Microsoft, Amazon well positioned to enable cloud, AI trends, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that machine learning and artificial intelligence have been use to improve applications and acceleration of infrastructure builds, with "intelligent software" designed to make lives easier and more productive. Further, the analyst sees communications and cloud services continuing to converge, with infrastructure and data as key components to AI. Microsoft (MSFT) and Amazon (AMZN) Web Service are well positioned to enable these trends, he contends, adding that he see colocation providers, such as Equinix (EQIX) and Interxion (INXN), and networking companies like Zayo Group (ZAYO) GTT Communications (GTT) as beneficiaries.
10/31/16
GSCO
10/31/16
UPGRADE
Target $39
GSCO
Conviction Buy
Zayo Group upgraded to Conviction Buy from Buy at Goldman
Goldman analyst Brett Feldman added Zayo Group to the Conviction Buy List with a $39 price target saying it is among the most attractively valued providers of telecom infrastructure. The analyst said recent data in supports his outlook for ramping fiber demand, which should drive revenue growth at Zayo.
11/09/16
OPCO
11/09/16
NO CHANGE
Target $35
OPCO
Outperform
Zayo Group remains well positioned in consolidated industry, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that Zayo Group reported mixed Q1 results but bookings were "solid." The analyst believes Zayo remains well positioned in a largely consolidated industry and says the strength in bookings gives him confidence that the demand for fiber remains strong. Large projects that leverage existing network should help drive margin expansion/free cash flow generation in the future, Horan adds. The analyst reiterates an Outperform rating and $35 price target on the shares.

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