LITTLE ROCK, Ark., Dec. 18, 2015 (GLOBE NEWSWIRE) — Windstream (NASDAQ:WIN), a leading provider of advanced network communications, announced today it has completed the sale of its data center business to TierPoint in an all-cash transaction valued at $575 million.
Originally announced on October 19, the transaction includes an ongoing, reciprocal strategic partnership allowing each company to sell its products and services to the other’s prospective customers.
“This transaction enables Windstream to focus capital on our core telecom offerings and pay down debt, while providing expanded data center services to our enterprise customers,” said Tony Thomas, Windstream’s president and CEO. “We expect the divested data center business to continue its growth under our new partnership.”
“We are pleased to welcome the former Windstream Hosted Solutions employees and customers to the TierPoint family,” said Jerry Kent, TierPoint’s chairman and CEO. “This is an exciting step in the growth of TierPoint and significantly enhances the portfolio of services we can offer our customers.”
RBC Capital Markets served as financial advisor and Bryan Cave LP served as legal advisor to Windstream for the transaction. Paul Hastings LLP served as legal advisor to TierPoint. TierPoint’s primary investors include Cequel III, Ontario Teachers’ Pension Plan, RedBird Capital, the Stephens Group, JZ Advisers and Thompson Street Capital Partners.
More at windstream.com