|Bid||3.6600 x 800|
|Ask||3.7100 x 1400|
|Day's range||3.4950 - 3.7100|
|52-week range||3.3800 - 15.7700|
|Beta (5Y monthly)||1.38|
|PE ratio (TTM)||N/A|
|Earnings date||08 May 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||10.00|
GTT Communications (NYSE: GTT) stock spiked today after the company said it had reached a deal to sell its infrastructure division to I Squared Capital. Shares of the technology company jumped by as much as 31% on the news this morning but were up by 8.5% as of 11:38 a.m. EDT. GTT Communications said in a press release that the company is selling its infrastructure division, which consists of its "Pan-European, North American, sub-sea and trans-Atlantic fiber network and data center infrastructure services" for $2.15 billion.
The network opens new markets to I Squared Capital as demand for telecommuting, remote classes and other virtual activities grows during the coronavirus pandemic. GTT said it would use proceeds to pay down the $3.2 billion in long-term debt built up after an acquisition spree over the last decade.GTT had been exploring the sale since last year, which it expected to deliver $370 million to $390 million in revenue with comparable earnings before interest, taxes, depreciation and amortization (EBITDA) of $160 million to $180 million. Fiber-optics are gaining investor interest as wireless providers build out networks for 5G, the next-generation wireless technology.
INVESTIGATION REMINDER: The Schall Law Firm Announces it is Investigating Claims Against GTT Communications, Inc.