Neutral Tandem has entered into an agreement to acquire Italian-based Tinet, for which it will pay about $94.9 million.
The figure reflects certain purchase price adjustments as well as the assumption of $6.6 million in cash and of $23.2 million in long-term debt, which will be paid off at closing.
The combination will expand Neutral Tandem's IP-based network internationally, enabling global end-to-end delivery of wholesale Voice, IP and Ethernet solutions.
The acquisition will be financed by cash from Neutral Tandem's balance sheet, and is expected to close during the fourth quarter of 2010.
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