(The Hosting News) – Big news for hosting provider PEER 1: The company is set to become a part of Cogeco Cable after the two sides announced an acquisition on Friday.
Worth $3.85 in cash per share, the deal is expected to expand Cogeco’s portfolio with services geared towards SMBs.
In a press release discussing the matter, Louis Audet, CEO of Cogeco, called the move “consistent with Cogeco Cable’s commitment to grow its presence in the sector.”
“There are significant opportunities for growth including increasing Cogeco Cable’s penetration of the small and medium-sized business segment, gaining market share in the enterprise services market and maximizing the potential of current services offered,” Audet continued.
PEER 1’s services included managed services, infrastructure, e-commerce, dedicated servers, maintained by nineteen data center locations.
The web host’s CEO, Fabio Banducci, meanwhile, referred to Cogeco Cable as a “well positioned telecommunications company,” calling the acquisition an “ideal match for PEER 1.”
The decision comes after consultation with RBC Capital Markets and was fully supported by PEER 1’s board of directors.