Spitfire Capital buys $28m stake in GTT Communications


Spitfire Capital now holds a total of 1,364,832 shares of GTT, valued at $28m, which makes 11.91% of Spitfire’s portfolio.

At the same time the Teacher Retirement System of Texas also boosted its stake in GTT in the latest quarter adding 453 shares and now holds a total of 3,728 shares valued at $78,176. Capital Fund Management sold out all of its stake in GTT in the same quarter.

GTT opened for trading at $20.65 and went to a high of $21.01 on Monday. The company now has a market capitalisation of $776m.

GTT operates a global tier 1 Internet protocol (IP) network with interconnected Ethernet service platforms around the world. The company provides cloud networking services in over 100 countries and has network assets in North America, Europe, and Asia to provide internet access, IP transit, and Ethernet transport services.

GTT’s core network runs through approximately 200 points of presence (PoPs) delivering cloud networking services to enterprise, government, and wholesale customers. The company also offers a range of managed services.