U.S. telecommunications company and internet provider GTT Communications is buying European fiber network operator Interoute in a deal worth $2.3 billion.

London-based Interoute operates one of Europe’s biggest fiber networks and associated cloud services, spanning more than 70,000 kilometers and 29 countries, according to a Bloomberg report last year that outlined the company’s plan to find a buyer.

McLean, Virginia-based GTT operates a similar subsea and terrestrial fiber network, alongside a range of enterprise-focused services. GTT, which trades on the New York Stock Exchange (NYSE), has seen its shares skyrocket over the past couple of years, hitting a record high of $48 per share last week. The company said that it will pay $2.3 billion in cash to acquire Interoute, thus creating a “powerful portfolio of high-capacity, low-latency connectivity, and innovative cloud and edge infrastructure services,” according to a press release.

“The acquisition of Interoute represents a major milestone in delivering on our purpose of connecting people, across organizations and around the world,” noted GTT president and CEO Rick Calder. “This combination creates a disruptive market leader with substantial scale, unique network assets, and award-winning product capabilities to fulfill our clients’ growing demand for distributed cloud networking in Europe, the U.S., and across the globe.”

VB Transform 2020 Online - July 15-17. Join leading AI executives: Register for the free livestream.

GTT added that it expects the transaction to close within six months, after which it will take up to a year to integrate the companies’ respective services.