Rogers to acquire Atria for $425 million
Company runs a major Ontario fiber-optic networkTORONTO -- Canadian cable and phone giant Rogers Communications is to pay $425 million to acquire Atria Networks Lp., which runs a major Ontario fiber-optic network.
Toronto-based Rogers will pay all cash to Birch Hill Equity Partners, the private equity player, to acquire Atria Networks and bolster its fiber network in small and mid-sized markets in Ontario outside of a Toronto market it already dominates.
"The acquisition of Atria strategically fits with our enterprise strategy to offer on-net, high growth data services to small- and medium-sized businesses," Nadir Mohamed, president and CEO of Rogers Communications, said in a statement Tuesday.
Atria, which has 130 employees, was formed in 2000 and acquired by Birch Hill Equity Partners in 2006.
Pending regulatory approval, Rogers expects to close the deal for Atria by the first quarter of 2011.