Morningstar

Morningstar, Inc.

Equity Bottom-Up

Zayo's strategy has been to collect a large portfolio of fiber assets, which allow it to provide the infrastructure necessary to enable society's surge in data consumption. It has about 130,000 route miles of long haul, regional, and metro fiber throughout North America and Europe that connects to data centers, central offices, cell towers, and other enterprise buildings. To build its asset base, Zayo has relied heavily on acquisitions, completing 45 deals since 2007, mostly smaller in nature…

After months of speculation that potential buyers were lurking, and management's disclosure two months ago that it was evaluating strategic alternatives, Zayo announced on May 8, 2019, that it had agreed to be taken private by Digital Colony Partners and the EQT Infrastructure IV fund. Although we thought Zayo had more value to a strategic buyer, it is not surprising to see it go to an infrastructure fund, given recent chatter, a dearth of strategic buyers that made sense, and high levels of…

United States

Zayo Group Holdings, Inc. is a global provider of bandwidth infrastructure services, including dark fiber, wavelengths, SONET, Ethernet, IP services, and carrier-neutral colocation and interconnection.