Mubasher: GTT has finalised the takeover of a unit of Dutch telecoms company KPN, the US networking giant said in a Monday statement.

GTT paid around EUR 50 million ($55.11 million) for the acquisition, in a cash deal, excluding debt.

The acquisition will offer GTT more than 400 strategic enterprise and carrier clients, while it will be the preferred network supplier for hundreds of additional clients from KPN.

 Furthermore, the transaction would expand GTT’s comprehensive cloud networking services portfolio.

“The great client base contributed by this acquisition, combined with a talented group of employees, strengthens GTT’s presence in Europe,” GTT’s CEO Rick Calder said.

The US company said it will continue to assess options to improve its capital structure, including financing and refinancing options.