Hibernia Networks Completes Acquisition Transaction By GTT
Milestone is culmination of thirteen-year company expansion to bring customers fast and flexible network connectivity solutions serving the global market.
Hibernia Networks was founded in 2003 by Ken Peterson, Jr, chairman and CEO of Columbia Ventures Corporation (CVC), through the initial purchase of two transatlantic cables, plus select fiber network assets in North America and Europe. Over the next thirteen years, the company embarked on an aggressive expansion strategy through the acquisition of additional optical, Ethernet, IP and media service capabilities. Additionally, Hibernia Networks strategically constructed new subsea cable systems including Hibernia Express, subsequent to an investment by KCK Ltd. Hibernia Express was commissioned into service in September 2015, and is the industry’s fastest transatlantic cable, offering customers unparalleled latency performance of less than 59 milliseconds between New York and London, further solidifying the company’s market leadership position. Since inception, Hibernia Networks consistently generated impressive revenue and EBITDA growth, serving many of the world’s leading banks, financial exchanges, media companies, webcentrics, and other service providers.
“We are proud of the achievements by Hibernia Networks in bringing to the telecommunications marketplace a set of services that have raised the bar for performance, quality and agility,” stated Tom Wasserman, chairman of the board of Hibernia Networks and managing director of HPS Investment Partners. “The company has accumulated assets that are truly unique in the industry, and we greatly appreciate the dedication of the management team led by Bjarni Thorvardarson for this accomplishment.”
“We are profoundly grateful for the support of our investors, loyalty of our customers, and dedication of our talented employees, in building a company that has positively impacted a global telecommunications market that demands leading-edge network solutions,” stated Bjarni Thorvardarson, chief executive officer of Hibernia Networks. “Hibernia Networks’ high performance fiber optic network, product capabilities, human talent and segment expertise are a compelling complement to GTT. The combined company will provide substantial benefits to customers.”