United States

Fusion to acquire Birch Communications' cloud, business services business

Monday, 28 Aug 2017 08:00am EDT 

Aug 28 (Reuters) - Fusion Telecommunications International Inc ::Fusion announces definitive agreement to acquire birch communications' cloud and business services business.Fusion telecommunications - ‍all-stock deal in which birch shareholders to get approximately 73 million common shares of fusion valued at $3.85 per share​.Fusion telecommunications international inc - ‍fusion will assume birch's existing debt of approximately $458 million​.Fusion telecommunications international - deal is expected to be significantly accretive to fusion's adjusted ebitda immediately upon closing.Says ‍fusion and Birch shareholders will each appoint four directors to combined company's board​.Fusion Telecommunications - ‍birch's existing debt of approximately $458 million is expected to be refinanced along with fusion's existing debt​.Fusion Telecommunications International Inc- deal approved by boards of directors of both companies.Fusion Telecommunications International Inc - ‍matthew Rosen, chief executive officer of fusion, will serve as ceo of combined company.Fusion Telecommunications International - ‍ninth director of combined co to be nominated by birch shareholders with fusion's prior approval.Fusion Telecommunications International Inc - ‍acquisition will not include birch's legacy consumer and single-line business customers​.Fusion Telecommunications International Inc - ‍matthew Rosen will assume role of chairman of board upon close of transaction​.