Stock Alert: GTT Communications Rises 14% On Deal To Sell Infrastructure Division

(RTTNews) - Shares of GTT Communications, Inc. (GTT), a provider of cloud networking services, are climbing almost 14 percent or $0.69 in Friday's morning trade at $5.70.

Friday, GTT Communications said it agreed to sell its infrastructure division to I Squared Capital, a global infrastructure investment firm, for $2.15 billion.

The infrastructure division comprises GTT's business and activities of providing Pan-European, North American, sub-sea and trans-Atlantic fiber network as well as data center infrastructure services to customers. The transaction is expected to close during the first half of 2021.

GTT Communications has traded in a range of $3.94 to $15.77 in the past 52 weeks.