Large investor in GTT Communications buys $27 million in additional shares
Spruce House Partnership LP, who already control 10% of shares at GTT Communications (GTT), bought 1,092,000 additional shares of the company’s common stock on Jan 16. At $24.96 per share, Spruce House Partnership paid a total of $27,253,813 for the new shares.
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About GTT Communications Inc.
GTT operates a global communications network, providing telecommunications services to large, multinational enterprises, carriers, and governments across five continents. Offerings include wide-area networks, Internet services (including Internet transit), voice, and other transport and infrastructure services. GTT's network consists primarily of leased assets over long-haul routes and connects in over 600 data centers worldwide. The firm uses other carriers for last-mile connections, and its model results in low capital spending needs. GTT relies heavily on acquisitions to expand its footprint. Customers primarily located in the U.S. account for over half of the firm's revenue, with most of the remaining revenue from customers in Europe.