Vancouver-based Peer 1 Network Enterprises was recently bought out by Montreal’s Cogeco Cable giving stock-holders $3.85 per share, a generous premium of 32% over the trading share price. The internet infrastructure provider was purchased for a deal that totaled $635 million.
Cogeco Cable has strong data centre capabilities and buying Pier 1 gave the company specializations in managed hosting dedicated servers, cloud services and colocation. Now the firm will be able to work with 10,000 more businesses globally thanks to its 19 data centers and 21 locations in Europe and North America.
Cogeco’s CEO Louis Audet spoke about the deal and said, “Data centre services are a key strategic focus for Cogeco Cable, and this acquisition is consistent with Cogeco Cable’s commitment to grow its presence in the sector. This acquisition enhances the company’s ability to provide complex co-location and managed data centre services to our customers. There are significant opportunities for growth including increasing Cogeco Cable’s penetration of the small and medium-sized business segment, gaining market share in the enterprise services market and maximizing the potential of current services offered.”
Peer 1 CEO Fabio Banducci also commented on the buyout and said, “Cogeco Cable is a well positioned telecommunications company in Canada and its commitment to invest growth capital in the internet infrastructure business, and demonstrated success in serving the technology needs of enterprises makes it an ideal match for Peer 1. Both of our companies strive for exceptional customer service and technological excellence.”
Cogeco’s CEO also added that, “Peer 1 is a leading business and technology service company with talented and committed employees and long-term customer relationships. It further underscores our ongoing commitment to support our customers as they expand their businesses locally and globally.”
Source: TechVibes
Profit Magazine Says Shopify Is “Canada’s Smartest Company”
Facebook Releases Poke App In Bid To Outdo SnapChat
Lunches So Good Kids Can’t Ignore Them
Invigorating Ginger Smoothie
The U.K.’s Youngest Parents Ever
The new hair Jennifer Lawrence