GTCR Completes Acquisition of Inteliquent
February 10, 2017
Acquisition Creates Leading Provider of Communication Enablement Services
CHICAGO — Inteliquent, Inc. (NASDAQ:IQNT), a leading provider of communications services, announced today the successful completion of its acquisition by affiliates of GTCR LLC, a leading private equity firm. Inteliquent is now a subsidiary of Onvoy, LLC, a leader in the communications enablement segment which is also owned by affiliates of GTCR. The two companies will merge together under the Inteliquent brand. Under the terms of the merger agreement, Inteliquent stockholders of record received $23.00 in cash per share of Inteliquent common stock.
The transaction was announced on November 2, 2016 and was approved by Inteliquent’s stockholders on January 17, 2017. As a result of the completion of the transaction, trading in Inteliquent’s common stock on the NASDAQ stock exchange will be suspended effective Monday, February 13, 2017.
“By acquiring Inteliquent, GTCR continues to invest in developing a communications enablement platform that builds on Onvoy’s accomplishments,” said GTCR Managing Director Lawrence Fey. “The merger of Inteliquent and Onvoy is transformational and creates an entity which is well-positioned for future growth.”
“We are very pleased to join the Inteliquent team,” said Fritz Hendricks, Inteliquent CEO. “The combination of Inteliquent’s carrier-grade nationwide network with the comprehensive suite of Onvoy’s communication enablement services positions us well to meet the evolving needs of the nation’s top carriers and communication service providers.”
The new Inteliquent is equipped to provide customers with a superior network experience through industry-leading voice quality, a reliable and expansive network footprint, and advanced features — all supported by a team of market experts. More than 70 percent of Inteliquent’s traffic is managed on-net, and the network carries more than 25 billion voice minutes and text messages per month. Additionally, Inteliquent’s portals and APIs allow customers to manage services whenever and wherever they are needed with intuitive interfaces and rich features.
“By closing this strategic agreement, we are moving forward with more resources and opportunities to support continued growth and innovation,” said Surendra Saboo, Inteliquent President. “Our customers will experience the quality and reliable services they have come to count on, as well as more creative solutions, self-service tools, and the addition of enhanced API capabilities.”
Perella Weinberg Partners acted as exclusive financial advisor to Inteliquent with Kirkland & Ellis LLP serving as legal counsel. Credit Suisse acted as exclusive financial advisor to GTCR and Onvoy with Latham & Watkins LLP serving as legal counsel.
Inteliquent empowers communications for the top communication service providers, unified communications as a service providers and partners. The foundation of Inteliquent’s communications platform as a service (CPaaS) is its fully redundant, geo-diverse, carrier-grade tier 1 network. This network is trusted by the nation’s largest service providers, as it provides the most expansive footprint of local phone numbers in the United States and billions of minutes of traffic on the network annually.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ — finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com.