Zayo Buying AboveNet for $2.2B

Zayo Group, privately owned by a group of investors, has agreed to acquire fiber-based communications provider AboveNet Communications (NYSE: ABVT) for approximately $2.2 billion. Under the terms of the agreement, AboveNet shareholders will be entitled to receive $84 per share, a 13% premium over AboveNet's closing price last Friday. GTCR will make an equity investment in Zayo as part of the transaction, and Charlesbank Capital Partners, a current Zayo investor, will make an additional equity investment. Morgan Stanley Senior Funding and Barclays are providing debt financing.