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.”

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.

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