Over in Europe, there has been an interesting M&A in the international carrier services market. iBasis, which is the wholesale arm of the Dutch incumbent KPN, has been acquired by Paris-based Tofane Global.
Tofane is led by the former head of Orange's international carriers division Alexandre Pébereau and was just founded last year. They see this as merely the first inorganic move in a plan to continue consolidating in this sector, and with this deal they add €705M in revenue and €24M in EBITDA as well as 280 employees spanning 16 countries.
For KPN, this was an opportunity to simplify the company's business further, refocusing on the Netherlands and spending fewer resources on what has always been a low margin piece of the puzzle for them. They had acquired iBasis back in 2007, merging it into the company's own international voice termination business at the time.