Dow Jones Newswires reports that Cogeco Cable and PEER 1 Network Enterprises have reached an agreement which will see Cogeco acquire the Vancouver-based internet infrastructure company for about CAD526 million (USD533 million). The Montreal-based cableco said the acquisition will broaden the reach of its IT hosting business, particularly among small and medium-sized businesses, and enhance its data-centre capabilities in key growth areas such as managed hosting, dedicated hosting, cloud services and colocation. PEER 1’s board supports the deal, and key shareholders representing about 62% of the Vancouver company’s shares on a fully diluted basis have agreed to tender to the offer.
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