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Zayo buying privately owned telecom provider

Zayo Group Holdings Inc. agreed to buy Spread Networks for $127 million in cash.

Spread Networks is a privately owned telecommunications provider that owns and operates an 825-mile, high-fiber count long haul route connecting New York and Chicago. The acquisition will provide Zayo's customers with low latency and direct fiber route between the two cities and additional physical path diversity, the company said Nov. 27.

The all-cash transaction is expected to be funded with cash on hand and debt and is expected to close in the first calendar quarter of 2018, subject to customary closing conditions.

Zayo expects to reach $10.5 million in annualized EBITDA from the Spread acquisition by the Sept. 30, 2018, quarter through cost synergies and organic growth.