With their stock price surging, up 20% in just a few days, this little known metro/colo company seems to be on the move. There have been no press releases, I haven't turned up any analyst reports, and basically nothing really new seems to have happened. Could there be M&A in the air? I do think it is possible, but I haven't heard any of those rumors either.
Fibernet Telecom Group does colocation and metro transport within the New York metropolitan area on leased metro fiber IRUs. They have a few assets in Los Angeles, but NYC is where their chips are. BearonBusiness profiled the company and its colorful history in its Texas Hold'em look at the survivors of the telecom bubble back in June - they're small but still in the game. And lately they have been growing strongly and steadily. More steadily perhaps than anyone in the sector but TW Telecom. Perhaps that is reason enough for the move in their stock price - it takes a while for people to notice success when your marketcap is under $100M, but eventually they do notice.
I suppose it just goes to show that the colocation business is really really hot right now, and metro connectivity is no slouch - so if you are in both of those businesses and have little or no legacy revenue, you are doing very well. That said, Fibernet Telecom Group very well might be an M&A candidate for someone like Switch and Data.
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