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Global Telecom & Technology to acquire WBS Connect in stock and cash transaction

Posted on: Wed, 04 Nov 2009 05:16:00 EST

Symbols: GTLT

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Nov 04, 2009 (M2 EQUITYBITES via COMTEX) --
GTLT | Quote | Chart | News | PowerRating -- Global network integrator Global Telecom & Technology Inc (OTCBB: GTLT)
has signed a definitive agreement to acquire WBS Connect LLC, a
provider of high bandwidth IP and wide area networking services.

The acquisition of WBS Connect, which was announced on Tuesday, is
expected to expand the portfolio of IP transit and Ethernet services
that GTT offers.

In addition, GTT will add WBS Connect's network infrastructure assets
with over 60 points of presence in major North American, Asian and
European metro centres.

Under the terms of the agreement, the total consideration consists of
500,870 shares of GTT common stock to be issued over 18 months
beginning six months after the transaction closes. It also includes
USD1.8m in cash and seller notes, plus the assumption of WBS
liabilities and working capital.

The transaction is expected to close by the end of 2009.

Comments on this story may be sent to admin@m2.com

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