NTT Corporation through its long distance service arm NTT Com has agreed to acquire 100% outstanding common shares of Pacific Crossing — the operator of trans-Pacific undersea cable network, PC-1.
With the acquisition, NTT Com would provide connectivity between the United States, Japan and Asia through combining its network assets in Japan and globally with the PC-1 network.
Customers of Pacific Crossing would be able to access NTT Com’s global infrastructure including a domestic Japan network capable of providing connectivity between the PC-1 network and few other communication hubs in Tokyo and Osaka, as well as the rest of Asia.
Mark Simpson, CEO of Pacific Crossing, said: “Pacific Crossing’s customers have long appreciated the performance and reliability of the PC-1 network. With the addition of PC-1 to NTT Com’s premier global network, a broader base of carriers and enterprise customers will now be able to utilise our system and recently expanded service offerings, including Gigabit Ethernet.”
The Blackstone Group is acting as the exclusive financial adviser and Latham & Watkins is serving as legal adviser to Pacific Crossing on the transaction. Houlihan Lokey is acting as the financial adviser and Squire, Sanders & Dempsey is serving as legal adviser to NTT Com.
