Platinum-backed MegaPath Completes Division Sale to GTT
April 06, 2015
MegaPath, a portfolio company of Platinum Equity, has completed the previously announced $152.3 million sale of its Managed Services business to GTT Communications (NASDAQ: GTT). GTT paid $144.8 million in cash and $7.5 million in GTT common stock to acquire the unit. Having generated $20 million in adjusted EBITDA in 2014, MegaPath's MS business provides private wide-area networking, internet access services and managed services and security to over 500 multinational clients. Platinum has backed MegaPath since 2010.